Loans and High Yield

Chinese property developer Gemdale Corp has completed the buyback of three bonds, securing drastically different results for the dollar and renminbi-denominated portions.

Stonegate Pub Co on Friday sold an £80m tap of its 2019 secured bond, despite a deserted high yield market, and after being downgraded by Standard & Poor's that morning.

With declining but still positive index returns this year, European high yield is a market that bankers and investors believe could produce issuance again — if only other financial markets would stop spouting bad news.

Regulation of leveraged finance in the US remains one of the main topics of conversation, as well as a mixed blessing, for the European market, delegates at the 9th annual Leveraged Finance Conference in London were told on Monday.

Royal Ten Cate, Median Kliniken — Hapag-LLoyd — Rheinmetall — Hammerson — Odfjell

Hapag-Lloyd, the German container shipping company, signed a $372m 12 year loan facility on September 30, to finance the purchase of five new container ships.

Glencore's bonds are attracting the interest of high yield investors, after their sharp widening this week that accompanied a steep fall in the mining and commodities group's share price.

Stonegate Pub Co, the fourth largest in the UK’s managed pub sector, offered on Thursday an £80m tap of its debut fixed rate note, to fund the partial purchase of peer firm Tattershall Castle Group.

Concordia Healthcare, the Canadian drug company, has agreed new credit facilities and bridging commitments of up to $4.3bn to pay for the acquisition of Amdipharm Mercury from Cinven.

Wynn Resorts Macau (WRM) announced on September 30 that it has expanded both the size and maturities of its existing secured bank facilities.

Europe’s corporate bond market remains dishevelled, after a rough September. One banker this week described the market as “a bit chaotic”, partly because of the awful news about Glencore and Volkswagen.

Natural gas storage and transportation service provider CIMC Enric Holdings has sealed a $150m loan, finding demand from a syndicate of 13 banks.