Loans and High Yield

Hong Kong’s FWD Group and Chinese leasing firm Far East Horizon are wooing investors for their respective perpetual deals, while Tunghsu Group Co is gauging interest for its debut international bond.

The loan backing 3i’s €247m investment in Formel D, the German car and car parts services firm, is due to be launched into syndication in early June, in a leveraged loan market just about ticking over.

VFS Global, Kuoni’s visa and passport services business, has scheduled a lender call next week to market €760m-equivalent of new loans, backing an acquisition and the refinancing of debt.

Stora Enso, the Finnish-Swedish wood, paper and packaging maker, started a roadshow on Tuesday for a €300m bond that will have one of the longest tenors in the high yield market this year.

Indian company JSW Steel is holding talks with banks for a new fundraising for capital expenditure and refinancing. Although the deal is still in the early stages, the preliminary response shows lenders are inclined to support the firm’s expansion plans, thanks to its sound financial performance and commitment to keeping its leverage within reasonable levels, writes Shruti Chaturvedi.

Three banks will supply funds to back private equity firm Partners Group's acquisition of business process outsourcing firm SPi Global.

CVC Capital Partners has closed its latest European and North American fund at a hard cap of €15.5bn. That makes this its largest fund and one of the largest ever by a European private equity firm.

ESR Cayman sealed a $100m perpetual non-call three year on Wednesday, but the market remained a tad soft with investors being defensive when it came to risky names.

Issuance in the European high yield bond market staged a comeback in the first quarter, but weaknesses still lurk behind the figures, which were published by an industry association on Wednesday.

The corporate bond market is notably slower this week, after the hectic month was bookended by a public holiday in the UK. But the range of borrowers marketing bonds means the calm is unlikely to last however.

A $651m loan for Cairn India Holdings was launched into general syndication on Monday, with the deal divided into four portions based on the different purposes of the fundraising.

The Republic of the Maldives is selling its debut international bond, while ESR Cayman is looking to price a perpetual non call three year note on Wednesday.