Loans and High Yield

Industrial and Commercial Bank of China New York opened bookbuilding for a dual-tranche senior dollar bond on Thursday, while Future Land Development Holdings has started wooing high yield investors with a new two year offering.

Chinese property developers have been quick to capitalise on opportunities in their domestic bond market this year, taking advantage of a new funding channel available at a much cheaper cost. But with more and more issuers expected to use the onshore route, debt investors need to start better reading the risks.

Oberthur Technologies, the French smart cards maker, indefinitely postponed its IPO on Wednesday, blaming poor market conditions.

Perform Group, the UK digital sports media company, announced its intention on Wednesday to hit the high yield market with its first bond: £200m of secured notes to fund new content.

European financial sponsor-related leveraged loan borrowing has fallen 18% this year to date, compared with the previous year, according to Dealogic.

Danske Bank has appointed two bankers as global co-heads of its debt capital markets business, hiring one from within and one from BNP Paribas to replace Bo Wetterstein.

Happy days are here again for the corporate bond market. After weeks of improving sentiment, investors are ready to start splashing the cash. Issuers that have brought deals are reaping the rewards, in big orderbooks and tighter new issue premiums.

China Universal Leasing, which is seeking to change the benchmark of an offshore renminbi borrowing, is now simultaneously looking for a new Rmb800m ($126m) onshore loan.

Cabot Credit Management, the UK debt purchasing firm, on Wednesday raised €310m of secured notes to support its buyout of peer company Hillesden Securities from Faccenda Investments.

Veritas, the IT systems management provider, caught some officials unaware as it held bank meetings on Tuesday for a $2.45bn cross-border term loan ‘B’ backing its $8bn acquisition by the Carlyle Group.

Istituto Centrale delle Banche Popolari Italiane (ICBPI) began offering its €1.1bn PIK bond with fixed and floating rate tranches on Tuesday, the first time such a structure has been used in the European high yield market, according to bankers.

India’s Aditya Birla Group, which has been in discussions with its relationship banks about refinancing a loan raised in 2011, is likely to launch a new $925m deal before the end of the month.