Loans and High Yield
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Indonesian property developer Surya Semesta Internusa (SSIA) has shelved plans for a possible US dollar bond due to the volatility in global markets. -
Ye Chiu Group subsidiary, Harmony Group, has hit the market for a $150m loan led by a trio of banks. The Chinese aluminium recycler’s fundraising comes at a time when demand for industrial metals is slowing, but bankers reckon the company’s strong market position will help.
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As Lindorff's market-opening deal proved on Thursday, the European high yield market has a good chance of avoiding contagion from the wider swing away from risk in financial markets — but a comeback like the stunning rallies in January and July is unlikely.
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Leveraged loan bankers returned from their summer breaks this week to find a quiet primary market, with few deals launched and an equally bare pipeline. But bankers remain optimistic that a bout of new CLO issuance in the first half of the year means the market is, essentially, open for business.
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First Gulf Bank — Yapi Kredi Leasing — Ardian
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Tractel is preparing to join a relatively quiet early September leveraged loan market with the launch of a €235m loan package next week.
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A $240m dividend recapitalisation loan for Asia Satellite Telecommunications' (AsiaSat) sponsor Carlyle has seen seven banks commit so far, with one more lender awaited.
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A $165m triple-tranche loan for CVC-sponsored Asia Education Investment is due to close soon with commitments coming in from a couple of banks during general syndication — an outcome criticised by many.
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Lindorff, the Norwegian debt collection company, priced a €230m tap of its floating and fixed rate bonds on Thursday, reopening the European high yield market after the summer break in encouraging style.
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The European high yield market has a good chance of avoiding contagion from the wider swing away from risk in financial markets, according to investment strategists at Deutsche Bank.
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Ardian, the French investment firm formerly known as Axa Private Equity, has opened a new office in Madrid to reinforce its relationships with corporations and clients in Spain.
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Veteran credit strategist Suki Mann is back in the inboxes of investors and traders, after setting up a website called Credit Market Daily that he hopes will bring corporate bonds to a wider audience.
