Loans and High Yield

Debut issuer Jubilant Pharma ventured out to the international bond market on September 29, netting $300m from its first dollar-denominated transaction.

Investors welcomed the inaugural appearance from Hong Kong’s Television Broadcasts (TVB) in the dollar bond market. Hong Kong credits remain a rarity in G3 and the deal provided some nice diversity from a well-known brand.

Five high yield issuers looked to tap into improving sentiment in the corporate sterling market this week, as the Bank of England let rip its corporate bond purchase scheme (CBPS) on Tuesday.

UK mortgage broker Jerrold Holdings and UK distressed consumer credit purchaser Cabot Financial both priced their respective £375m and £350m bonds on Thursday, with one banker saying the sterling market feels strong.

Dutch plastic packaging manufacturer Schoeller Allibert priced its debut €210m five year bond on Thursday, after strong recent results, while Norwegian Air Shuttle looks to tap its 2019s, following its failure to issue notes earlier this year.

Specialty chemical manufacturer Platform and Irish telecom firm Eir both launched major refinancings this week, looking to tap into a market where nearly everything on offer is being tightened from initial guidance.

Hellenic Petroleum, the Greek energy company, is seeking to issue a five year bond as it looks to refinance €500m of 8% senior unsecured notes due in May 2017.

Ufinet has tightened price guidance on a €124m dividend recapitalisation term loan, while increasing the offering to €135m, as Ammeraal Beltech’s €85m dividend recap also tightened from initial guidance this week.

A number of Asian borrowers are choosing to prepay their syndicated loans for various reasons, including a bearish outlook on growth. Their actions are compounding the woes of loan syndications bankers, who are already battling low deal activity, writes Shruti Chaturvedi.

Froneri, the joint venture vehicle between R&R Ice Cream and Nestlé, has added an Australian dollar tranche to its €800m equivalent term loan ‘B’ as banks have reportedly took much of the deal, while Israeli plastics manufacturer Keter removed the US dollar tranche to its own €690m buyout loan.

New York-listed aircraft leasing company Aircastle has sent invitations for a $75m unsecured financing through a single mandated lead arranger and bookrunner.

Hong Kong conglomerate New World Development benefited from a market pick-up on Wednesday, with its strong household name helping it raise $1.2bn from a perpetual non-call five bond.