Loans and High Yield
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India’s largest energy conglomerate NTPC is poised to pick banks to work on its upcoming Masala bond that could hit the market as early as the first week of August. -
South Korea’s Kookmin Bank and Indian’s Glenmark Pharmaceuticals ventured out to the dollar debt market on Monday with their respective bonds.
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The government of Sri Lanka’s $300m three year borrowing has received a chunky commitment in syndication, according to a source.
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Lecta Group, the southern European coated paper manufacturer, on Friday printed a €600m two tranche bond in a high yield market comfortably readjusted to post-Brexit times, as issuance surpassed €2.5bn in five days.
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Pirelli’s €4.8bn refinancing loan has found strong demand, as roughly 20 banks will join it, and it was well oversubscribed. Some banks declined to participate, however, and one banker said the borrower was "taking the mickey" with the terms of the deal.
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Real estate developer Greenland Hong Kong sold a highly popular bond on Thursday, in a move that highlighted investors’ lack of concern about the issuer’s high leverage.
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Mizuho has recently seen the departures of two bankers in its loans team in Singapore — one each from origination and distribution.
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KWG Property Holding sealed its third appearance in the onshore bond market this year with a Rmb2bn ($299m) private placement on Thursday. But unlike its previous deals, which were sold by its onshore subsidiary, the latest offering was a direct issuance from the Cayman Islands-incorporated firm.
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The UK’s largest dental company Mydentist on Thursday launched a £425m bond to refinance all of its debt, becoming the first high yield sterling deal since the country voted to leave the European Union.
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Rating agency Standard & Poor’s said this week that global credit markets are poised either for a "slow burn" of deteriorating market conditions or something even worse: a credit exit, or "Crexit" — where a major economic or political shock triggers a shutdown of global markets altogether.
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The Asian loan market is finally showing signs of life as receding concerns over the pace of renminbi depreciation and bank efforts to look beyond traditional borrowers propel activity. With two or three deals launching nearly every week this month, the pace of issuance has set a strong tone for the rest of the year. Shruti Chaturvedi reports.
