Loans and High Yield

Chinese online gaming company Perfect World has lined up two banks to help fund its take-private by chairman Michael Yufeng Chi. It is still unknown whether the $900m loan will go into a wider syndication, but if it does then a turn in sentiment on China and toned down Taiwanese participation could weigh on its prospects, writes Shruti Chaturvedi.

Corporate bond issuance resumed in force on Wednesday after a quiet few days, as market sentiment around Greece’s debt negotiations improved.

China New Town Development ventured to the international bond market for the first time in its history, pricing a Rmb1.3bn dim sum bond with the backing of China Development Bank (CDB).

Jerrold Holdings, the UK mortgage lender, priced a £100m tap of its debut high yield bond, double the £50m it initially sought, on Monday to repay some of its banking debt.

Strategic Value Partners, the distressed investment firm, has hired Ian Guthrie, formerly of Lloyds Banking Group, to its advisory council.

SIG Combibloc, the Swiss drinks carton maker that issued one of this year’s biggest blowouts in the European leveraged loan market, is testing its popularity by repricing the loan, which it closed only at the beginning of February.

Club Med has allocated its €400m acquisition loan to early bird lenders, avoiding a process of general syndication, after commitments filled the book during its pre-launch stage.

Air India has made a quick return to the offshore loan market, this time for a borrowing of $300m. Its request for proposals comes soon after a $315m bridge it is syndicating with two banks.

Reliance Communications (RComm) finally made its debut in the dollar bond market this week following an aborted deal last year. This time round the borrower was taking no chances with the $300m deal helped by an anchor order which covered two thirds of the trade.

Crown European Holdings was back in the euro high yield market on Monday with a €600m deal that will be used to repay its US parent company’s term loan ‘B’.

English rugby club Wasps aims to raise £25m-£35m by selling a 6.5% retail bond secured on the Ricoh Arena stadium in Coventry it bought last year.

Cirsa, the Spanish gambling company closed a two day, London-only roadshow on Tuesday, which was for a €500m bond priced at 6% that will be used to repay some of its notes due in 2018.