Loans and High Yield

Cement producer TCC International Holdings has decided to increase the size of its five year fundraising to $540m from $450m, exercising the full greenshoe.

Greenko Investment Company is building books for what will be India’s first dollar-denominated green bond by a corporate issuer. On the same day, BoCom HK has returned with a three year dollar floater.

Veritas Technologies on Tuesday began marketing a €580m-equivalent secured bond, the last leg of the debt package that supports its acquisition by private equity firm Carlyle — and that investors rejected in November 2015.

Morrison Utility Services is to launch this week loans backing the first UK leveraged buyout since Britain’s vote to leave the EU, according to a banker with knowledge of the deal.

Key private equity players have their pools of cash ready to deploy when business valuations drop — yet Standard & Poor’s Global believes that even then, sponsor-led LBOs will be scarce.

CAR, formerly known as China Auto Rental, is one step further along with its plan to sell a Panda bond, having received approval from China Securities Regulatory Commission (CSRC).

Chailease International Financial Service has upped its three year revolving facility to $195m from an initial size of $130m after some 20 lenders joined during general syndication, sources said.

German automotive supplier ZF Friedrichshafen has refinanced debt it took on for the acquisition of TRW with €3.5bn of loans. The company said credit rating upgrades earlier this year helped it to secure the improved deal.

European high yield market participants still believe the market can digest LBOs, even if recent speculative grade M&A activity has avoided bond financing.

Dutch telecom firm Ziggo marketed a $1.6bn loan refinancing package during an investor call on Monday afternoon, after the European Commission cleared its proposed merger with Vodafone’s dutch unit last week.

Aluminum Corporation of China (Chalco) has registered plans to sell a new foreign currency bond with the National Development and Reform Commission

VietinBank, one of the largest state-owned commercial lenders in Vietnam, is back in the market with a $100m bullet just five months after signing its previous loan. This time around, the borrower has managed to narrow the margin by 40bp.