Loans and High Yield

Liberty Global’s UPC Holding locked in a coupon of below 4% for a 12 year bond, the longest maturity for a new deal in the European high yield market so far this year.

Corporate bond investors have a bevy of macroeconomic events on their radar screens, with elections and the European Central Bank meeting, but the large piles of cash in their pockets are expected to smooth over any cracks that might appear in the so far solid new issue market.

South Africa's Sibanye Gold has mandated banks for a $1bn bond offering which will be used to refinance part of a bridge loan used to acquire Stillwater Mining Company.

Chinese developer Fantasia Holdings Group Co wrapped up an unrated short-term note on Tuesday, snapping up $350m for refinancing. Bonds with maturities of less than a year are increasingly being considered by Mainland issuers, given the barriers in getting regulatory approval to go offshore for fundraising.

Chinese property developer Kaisa Group Holdings is looking to launch an exchange offer, swapping a series of variable rate senior bonds for new fixed rate notes.

Deutsche Bank has made changes to its Asia loan syndications team, promoting Birendra Baid to head up the division, succeeding Amit Khattar who is taking up a broader role.

State-owned Power Construction Corporation of China and Sinochem-backed Far East Horizon are in the market with dollar-denominated perpetuals, while Tunghsu Group is making its international debut with a three year.

French nursing home operator Colisée launched a €330m seven year term loan ‘B’ this week, backing IK Investment Partners’ buyout of the firm. Faerch Plast, the Danish food packager, meanwhile, has added further to the buyout pipeline.

Insurance broker Towergate priced its £800m high yield bond to finance its merger with four UK peers, resulting in a new company called Kirs. The deal follows a string of successful high yield sterling issues but faced pre-election jitters.

Korean Air Lines Co has sealed its first dollar note on a standalone basis, and the first high yield bond from the country since 2013, following a pulled deal last September. The $300m transaction was also a coup for BOC International, which became the first Chinese firm to act as the sole lead on a Korean offering.

South Korea’s GS Caltex Corp bagged a $400m five year deal on Monday, securing buy-side support thanks to its credentials, despite a soft market backdrop.

Chinese developer Fantasia Holdings Group Co is in the market on Tuesday with an unrated short-term dollar note for refinancing purposes.