Loans and High Yield

Indian non-bank lender Dewan Housing Finance Corp is back in the loan market with a $125m three year refinancing via two leads.

Three issuers from the aircraft industry, Grand China Air Co, China Aircraft Leasing Group Holdings and Hong Kong Express Airways, hit the runway for their respective dollar offerings on Tuesday morning.

German generic pharmaceuticals company Stada opened a structured bidding process over the weekend for the numerous offers tabled for the firm, with Advent International’s binding €58 per share offer expiring on Monday.

Novelis’s $1.8bn Asian refinancing of its US term loan B has seen four new lenders come in during syndication, as the leads hold out for several more large commitments.

Harvest Operations Corp said last Friday that it has completed a C$1bn ($763m) refinancing, comprising a new term loan and restructuring of an existing credit facility.

Issuers from Greater China are set to storm the debt market soon with China Reinsurance Finance Corp, China Cinda Asset Management Co, Grand China Air Co and Pacific Century Premium Developments eyeing dollar offerings. Separately, New China Life Insurance Company has got the green light from its board to raise funds offshore.

ParexGroup, the French construction chemicals maker, has scheduled a bank meeting for Monday for an €865m seven year term loan to refinance €700m of floating rate notes, as Irish telecoms firm Eir released price guidance on Friday for its €1.6bn loan refinancing.

China Orient Asset Management International Holdings, which tapped the offshore loan market in July last year, has returned for a $300m dual-tranche facility.

Shanghai-listed ENN Ecological Holdings has hit the loan market for a $200m two year facility, offering hefty pricing for a relatively short tenor.

Shareholders and bondholders should pressurise banks to clean up their acts on climate change, sustainable finance experts said this week.

US borrowers have accounted for almost all high yield bond sales in Europe in February as investors scramble for paper and European issuers turn to leveraged loans, with deals this week for Levi Strauss and Quintiles IMS. But European borrowers should be back soon, said bankers.

KKR has agreed to buy up to a 40% share in Telefónica’s telecoms infrastructure division Telxius for €1.275bn, adding further to a growing buyout pipeline in Europe.