Loans and High Yield

Tata Steel is speaking to banks for a $600m loan to refinance debt related to its Canadian operations, GlobalCapital Asia understands.

India’s Dewan Housing Finance Corp is gearing up for the country’s first offshore rupee-denominated bond, also known as a Masala bond, having mandated four banks to handle the market-opening transaction.

Pakistan and Sri Lanka have approached the loan market for their latest fundraisings. While interest in the former has been steadily rising, the latter was recently hit by a rating downgrade.

The government of Mongolia is making its debut in the syndicated loan market, launching a $200m dual-trancher after plans for a bond fell through due to pricing issues. While the country’s heavy reliance on commodities makes it a risky bet, bankers reckon the development of a copper mine project and its potential income gives its outlook a boost. Shruti Chaturvedi reports.

The European high yield market experienced a flush of hope on Wednesday as LeasePlan, the Dutch car finance bank, returned with the €1.55bn bond funding for its LBO, which it had pulled in February.

Two French leveraged loan deals were launched on Wednesday, both of which back leveraged buyouts, as the market claws its way back to issuing primary deals after a sluggish month.

BNP Paribas’ head of distressed and loan credit research has left the bank for a private equity firm.

European high yield, which has had a dismal 2016 so far, is making another try to break out of its lethargy today, as LeasePlan, the Dutch car finance bank, is relaunching its €1.55bn bond to finance its leveraged buyout.

Tata Steel is holding conversations with banks to refinance debt related to its Canadian operations. The talks come even as the company is a week away from winding up a $1.5bn refinancing for its Singapore subsidiary.

Aster DM Healthcare is close to sealing a $280m multi-tranche syndicated loan, with three or four lenders already committing to the deal.

The influx of Chinese M&A into Europe has brought the terrifying task of evaluating the credit risk of clandestine Chinese state-owned enterprises — but the loan structures used so far protect lenders from the unknown.

Moody’s on Tuesday cut the rating of Obrascón Huarte Lain, the Spanish construction company which last week tried to repay a €300m 2020 bond to rein in its debt.