Loans and High Yield

Indonesian palm oil seller Royal Industries has failed to repay the first and second installments of a $405m loan raised in 2015, and has now proposed a restructuring.

A Singapore-based banker who worked on south and southeast Asian loan syndications for Sumitomo Mitsui Banking Corp has left, according to a source.

Gome Electrical Appliances Holding opened books for a benchmark-sized Reg S debut trade on Friday morning via sole bookrunner Barclays.

Rating: B2/B

UK gaming group GVC Holdings has signed a €320m loan package marking its entry into the syndicated loan market in a deal said to have been heavily oversubscribed.

UK pub company Stonegate on Thursday priced a £595m two part high yield bond, comprising fixed and floating rate notes, to extend the comeback of the sterling market this year.

German card payments firm Concardis this week increased the term loan backing Advent International and Bain Capital’s buyout of the firm to €300m, reducing price guidance in the process, in a market still waiting on larger buyouts such as Cerba Healthcare to be syndicated.

The European high yield bond market has rebooted after a February in which US firms dominated sales, with so many local issuers now coming forward that high yield bankers have started worrying that March could be overcrowded if the entire deal pipeline materialises.

European high yield borrowers returned in force this week after a slow February, but so did issuer-friendly bond terms such as offshore listings and portability clauses. Investors have gone public with their growing fears that covenants are becoming looser.

Indonesian telecom infrastructure provider Tower Bersama Infrastructure has approached its relationship banks for borrowings worth $500m.

Singapore-based agricultural and commodities firm Olam International added variety to the debt market this week with a $300m bond that had an unusual tenor, as analysts were left divided over the final pricing.

Events, including a rise in the probability of a March interest rate hike and US President Donald Trump’s speech to Congress, did not hold investors back from jumping into deals from Grand China Air, China Aircraft Leasing Group (CALC) and Hong Kong Express Airways (HK Express) on Tuesday.