Loans and High Yield

Chinese paediatric nutrition company Biostime International Holdings has put into motion an $845m loan package to refinance debt.

It has been a promising start to the year for leveraged buyout loans (LBOs) for Indian companies. With Chinese banks aggressively capturing domestically sponsored outbound M&A funding, international lenders are looking elsewhere for opportunities and India is proving a hit, writes Shruti Chaturvedi.

JD.com’s inaugural outing in the international bond market could not have veered any further from expectations when the notes tanked in the secondary market. An overzealous pricing strategy was the main culprit for the poor performance, but divisive credit ratings for the Chinese company did not help either. Rev Hui reports.

Huawei Investment & Holding Co is out with a new 10 year dollar trade, while China Aircraft Leasing Group (CALC) has also taken off for its debut international bond.

Moody’s has downgraded Care UK, which claims to be the country's largest independent provider of health and social care, to a corporate family rating of Caa1.

It’s that time of the year again in the European high yield market: finally, the single-B, the triple-C and even the unrated credits are racing towards a window of issuance that market participants say heralds a busy second half of the year.

Shanghai Clearing House (SHCH) plans to launch a Shanghai Free Trade Zone (FTZ) offshore renminbi bond market in May, according to documents seen by GlobalRMB.

Fantasia Holdings Group sold the first high yield offshore renminbi bond since last summer, pricing a Rmb600m ($92.4m) three year on Tuesday. Although market participants welcomed new activity in the moribund dim sum market, the outlook for more issuance is bleak.

The Asia Pacific loan syndicate team at Société Générale is seeing changes at the top with the current head of the division relocating to Europe.

Royal Bank of Scotland has appointed a new head of leveraged finance from within the bank.

Novacap, the French pharmaceutical and chemical group, has launched €525m of debt to back its buyout by Eurazeo.

Travelodge Hotels, the UK budget hotel chain, on Tuesday began marketing a £360m two tranche bond, its debut issue, in a European high yield market still eager for confirmation that deal flow will pick up in the coming weeks.