Loans and High Yield

Lenders are preparing the financing package for the $3.2bn leveraged buyout of Polish online retailer Allegro. A loan for the deal is likely to be mostly dollar denominated, bankers said.

Shui On Development Holding is offering a hefty margin on its $300m three year amortiser to entice lenders cautious about investing in Chinese property related firms.

Indonesian telecommunication tower company Solusi Tunas Pratama has opened the dollar portion of a $350m-equivalent multi-currency loan to retail lenders.

Modern Land (China) Co ventured out with its maiden green bond on Thursday. It not only achieved the largest size for its dollar bonds to date, but also paved the way for the country’s property developers to come to the international green debt market.

Three deals priced in the leveraged loan market on Friday, all at the tight end of guidance, with SFR and Platform increasing the size of their euro offerings.

International Container Terminal Services (ICTSI) executed a successful liability management exercise on Thursday with a $375m perpetual non call 7.6 year, printing a deal with numerous firsts.

Norway’s top spot in Nordic high yield annual primary issuance has historically been invulnerable. But with most borrowers linked to the energy sector and oil prices struggling to recover, its reign may be about to change this year.

US music publisher Warner Music Group on Monday was alone in the European high yield market at the same time that Verallia, the French glass packaging maker, told investors it had cancelled its pay-if-you-can bond offering.

French telecoms firm SFR launched a $2.4bn-equivalent refinancing with a lender call on Tuesday afternoon, aiming to lower margins by as much as 100bp despite a poor performance this year, while Eircom closed its repricing on Wednesday evening.

SMBC has hired Barclays’ head of private loan sales, who had worked at the bank for 10 years before his departure.

Eastern European telecoms operator RCS&RDS on Thursday printed a refinancing euro bond that was first planned in euros and Romanian leu, while it mulls a potential IPO.

Finnish packaging firm Powerflute held bank meetings in London on Thursday afternoon for its €315m loan package backing its acquisition by Madison Dearborn Partners, as the LBO pipeline in Europe builds.