Loans and High Yield

Coating resins business Allnex launched a €425m-equivalent incremental term loan dividend recapitalisation this week, the fourth such deal this year, on top of its repricing request on existing facilities.

As the market buckles up for a March rate hike, some fixed income investors are playing it safe, becoming price sensitive to new issues. Against that backdrop, China SCE Property Holdings priced a five non call three on Monday with guidance unchanged throughout the day.

Singapore-listed commodities trader Noble Group returned to the international bond market on Monday after a hiatus of nearly three years. Despite the continuous noise around the credit, investors appear to have put the company’s past behind them as they piled into the $750m deal.

Indian film maker and distributor Eros International has launched its maiden dollar bond with books building quickly during the Asia morning, as it competes with Export-Import Bank of China.

Verisure joined the runaway repricing train in European leveraged loans this week, launching a €350m term loan ‘B’ as it looks to refinance an existing Swedish kroner facility paying more than 500bp.

The European corporate high yield market sized up a €1.25bn two tranche deal from Nokia on Monday that became the third biggest high yield bond since August last year.

Gome Electrical Appliances Holdings became the first Hong Kong-listed consumer electronics retailer to sell dollar bonds, bagging $400m from a tightly priced but popular deal last Friday.

Singapore-listed commodities company Noble Group, ICBC International and China SCE Property Holdings were out of the gates on Monday morning for new dollar outings, coming before a widely expected Federal Reserve rate hike this month.

China Huiyuan Juice Group is tapping the offshore market for a €150m three year amortising term loan, about a year-and-a-half after making its international debut in the currency with a bond.

Cerba Healthcare has scheduled the bank meeting for its much anticipated buyout loan package for Tuesday.

Nyrstar, the Belgian zinc smelting company, on Friday priced a single-B rated €400m high yield bond, and has launched a tender offer to buy back a €120m 2018 convertible bond.

China South City Holdings raised $300m on Thursday in a deal that was described as relatively straightforward, thanks to the fact that the property developer has already established a debt curve.