Loans and High Yield

Two Ardian owned firms joined several others in the market late this week — leaving levloan participants incredulous at the market's strength in the wake of the Brexit vote.

A unit of e-commerce platform Cogobuy Group has launched a $100m borrowing into general syndication via a single mandated lead arranger and bookrunner.

VPBank Finance, a subsidiary of state owned Vietnam Prosperity Bank (VPBank), has hit the market for a $100m borrowing with one bank at the helm.

China Railway Group, China Minmetals Corp and Greenland Hong Kong Holdings are set to hold roadshows with investors next week ahead of their respective dollar offerings.

Italian gaming operator Sisal priced the all-bond funding of its buyout by CVC Capital Partners on Thursday, and brought to life a high yield market still stunned by the Brexit vote.

CVC Capital Partners has proved a source of comfort for leveraged finance investors this year, supporting issuance with numerous buyouts. Czech security software firm Avast is the latest to turn to the market in marketing $1.6bn of loans.

The Masala bond market finally sprang into life this week as Housing Development Finance Corp sealed the first offshore rupee deal from an Indian corporate. With a benchmark now set and the currency one of the better performers this year, market watchers said the door has opened for peers to follow. Rashmi Kumar reports.

Singapore’s Olam International found eager investors for its $500m perpetual trade on Thursday, showing that it has successfully regained the market’s confidence following a change in shareholding structure driven by a short seller report.

French quality control and assessment services firm Trigo had replies due Wednesday on its €198m buyout loan package. The momentum is building for European mid-market leveraged buyouts with several deals in the market this week.

Baoxin Auto Group has opened up three more levels of participation for its $550m dual-tranche financing after launching the senior phase a month ago.

Hong Kong’s Regal Hotels International Holdings executed a swift dollar trade this week, getting in and out of the market in just three days. Despite being unrated and with few comparables offering guidance, the firm managed to slash pricing by 30bp and found plenty of support.

C rated issuers will struggle to find refinancing opportunities over the next two years, Moody’s warned on Wednesday.