Loans and High Yield

Four Chinese issuers have recently registered with the National Development and Reform Commission (NDRC) to sell offshore bonds, according to an update on its website last Friday.

Sinochem Hongrun Petrochemical, a crude oil refiner affiliated to Sinochem Group, has increased ts debut international borrowing to $270m from $110m.

Private equity firm Partners Group has lined up financing from three lenders to back its acquisition of business process outsourcing company SPi Global.

Melco Resorts Finance on Thursday sold a tightly priced eight year non call three bond to refinance its outstanding 2021s, with its deal over 2x subscribed.

A $400m fundraising for Indian data analytics firm Mu Sigma has received commitments from two banks. The leads on the loan had invited lenders to join as sub-underwriters in March.

Indonesia’s Agung Podomoro Land (APL) priced its maiden offshore bond on Thursday, achieving a number of firsts thanks to its leading position in the country’s property market and its strong financials.

Apax Partners and Fortino Capital have mandated banks for a €360m debt package to finance the merger of Maltese telecom firm Melita and Vodafone Malta.

Dr Peng Telecom & Media has sealed its debut bond, raising $500m from a three year that was over 5x covered. Enthusiastic accounts in Asia and Europe piled in to the deal, enabling the lead to slash pricing by a hefty 45bp.

VietinBank, one of the largest state-owned commercial lenders in Vietnam, has returned to the loan market, just four months after tying up its last fundraising.

The euro high yield market was dining on small portions this week, and there's little prospect of a sustained return to high volumes — despite the two chunky deals expected soon.

A group of private equity firms have joined forces to merge UK insurance broker Towergate and four peers into a new industry player called Kirs, and this week launched a £800m bond to back the move.

Ineos is likely to use some bank debt for its $1bn acquisition of Dong Energy’s upstream North Sea oil and gas business, and is also engaging in a $250m vendor loan note provided by Dong.