Loans and High Yield

Swiss petrochemicals firm Ineos priced a €4.5bn-equivalent four tranche term facility refinancing at the tight end of guidance on Monday, taking advantage of a leveraged loan market where abundant demand and scarce new paper is grinding down margins and encouraging a wave of refinancings.

Sogo department stores operator Lifestyle International has firmed up the bank group for a HK$9bn ($1.16bn) loan to finance a project on a plot of land it acquired last year.

The Greater China debt market started the week in full force, with Bank of Communications, ICBC and Road King Infrastructure opening books on Monday.

BC Partners has hired the former president and chief investment officer of Apollo Investment Corp to head its own newly opened credit platform.

The list of investors that came aboard a $69m loan for Air India has been revealed. The company launched general syndication in October and brought in new lenders at the end of last year.

Future Land Development Holdings’ new three year notes garnered massive investor interest for a $350m capped deal, as Chinese property names benefit from market support.

It took a trim of the offering size and issuer’s leverage ratio to sway high yield investors, but French glass packaging manufacturer Verallia finally priced its new bond on Thursday.

Unilabs, the Apax Partners-owned medical diagnostics firm, has agreed to buy Alpha Medical from Mid Europa Partners in what will be the largest healthcare deal in central Europe since 2008.

Istituto Centrale delle Banche Popolari Italiane (ICBPI) on Thursday sold a payment-in-kind bond to fund its latest acquisitions in the consumer card sector.

Sidera Funds has launched a new investment sub-fund that tracks euro and US high yield indices from Bank of America Merrill Lynch, but goes beyond geographies and currencies.

Star Energy is borrowing $1.9bn via two facilities for its acquisition of Chevron’s assets in Indonesia, as strong early interest from banks revealed plenty of available liquidity for M&A into the country. Loans bankers expect more action from the export-oriented nation, following the recovery in commodity prices. Shruti Chaturvedi reports.

China Singyes Solar Technologies Holdings sealed its debut dollar bond on Wednesday after pricing was tightened by an impressive 55bp. Strong market conditions, a familiar name and the deal’s structure played well together for the unrated trade, reckon market participants.