Loans and High Yield
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Indonesian miner Berau Coal Energy is conducting a tender offer to buy back its two outstanding dollar bonds, the company announced on November 24. -
India’s Reliance Industries signed its $1.47bn dual-currency loan at the end of last week in Dubai, with the deal sealed following commitments from a group of around 30 lenders.
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B2 Holding, the Norwegian debt management company, printed on Thursday its debut bond as it refinances its debts to support further acquisitions.
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Coopération Pharmaceutique Française, the French pharmaceuticals distributor known as Cooper, has bank meetings scheduled on Wednesday for more than €350m of new debt for its leveraged buyout by Charterhouse.
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Royal Bank of Scotland has hired a well known high yield specialist to head corporate and event driven credit trading.
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Powerlong Real Estate Holdings returned to the dollar bond market following a hiatus of nearly three years, pricing a $200m deal inside its existing curve.
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Birla Carbon, part of India’s Aditya Birla Group, has opened its $925m refinancing into general syndication via five mandated lead arrangers and bookrunners.
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Chinese water treatment firm Citic Envirotech has printed its first dollar bond, raising $175m from a trade that was designed to take advantage of Asian private banks’ increasing need for yield.
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The leveraged finance market suffered an unpleasant shock this week, when $5.6bn of loans and bonds for the Carlyle Group’s acquisition of Veritas Software had to be pulled. Bankers were left blaming market sentiment, an aggressive structure — and each other, write Max Bower and Victor Jimenez.
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Avago Technologies, the US semiconductor components maker, has increased the €500m tranche of its term loan ‘B’ to €900m on strong demand, in another sign of the European leveraged loan market’s competitiveness.
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The Asia ex-Japan bond market is set for a busy few weeks as issuers decide between pushing out deals now and postponing their fundraisings until 2016. Sovereigns and bank capital trades are part of the pipeline but with Thanksgiving holiday and a potential rate rise looming, timing has become critical, writes Narae Kim.
