Loans and High Yield

Biogroup LCD is planning to refinance its full capital structure and tap the bond market for the first time after a string of recent debt-funded acquisitions. The French lab testing company was a notable casualty of the first wave of Covid-induced market chaos, forced to postpone its plans for a loan in March and then having to pay up when it returned for the financing in June.

Singaporean ride-hailing company Grab Holdings has boosted the size of its term loan B after receiving a strong response from the market, setting the stage for more Asian start-up firms to head to the US for financing.

Kaisa Group Holdings and BOC Aviation used swift taps to add more money to their coffers on Tuesday.

The ECB's attempts to curb leveraged lending are damaging, inconsistent, and come at exactly the wrong time

Four Chinese high yield property companies had the dollar market to themselves on Monday as a public holiday in the US kept other Asian issuers at bay. But the borrowers raised just modest amounts to tackle some of their refinancing needs.

Provident Square, a shopping mall in the North Point area in Hong Kong, is seeking a HK$1.4bn ($180m) loan for refinancing.

Many EU companies could do with capital beyond debt, according to the Association for Financial Markets in Europe (Afme). The trade body, in a report it produced alongside PwC, suggests encouraging the use of equity-adjacent products to fill balance sheet gaps from the coronavirus crisis.

German software company TeamViewer launched an inaugural Schuldschein deal on Monday, with margins linked to its ESG performance. Five new borrowers have entered the Schuldschein market so far this year, almost half as many as appeared throughout the whole of 2020.

Aedifica, a Belgium-based healthcare property investment company, has launched a US private placement, according to market sources.

After a modest start to 2021, European leveraged finance started to fire on all cylinders this week, with three new bonds and a loan announced, alongside Ineos Quattro’s €4.6bn debt package which began marketing efforts last week.

Chinese companies were undeterred from selling bonds last Friday, usually a quiet day of the week for deal flow, with four borrowers raising funds.

China Fortune Land Development Co's bonds were the worst performing among Asian high yield notes last week amid rising pressure on the company’s international ratings.