Loans and High Yield

Fujian Yango Group Co returned with another high yielding bond on Tuesday, making it the only Asian issuer to brave the primary dollar debt market ahead of the US election.

Quadgas, a gas asset and infrastructure investment consortium that sits above UK utility Cadent Gas, has sold $600m-equivalent of US private placements, in the first UK utility deal for more than six months.

Ion Analytics has postponed a $1.85bn leveraged loan financing the combination of Dealogic and Acuris, blaming "market volatility ahead of today’s US presidential election". With final commitments due on Monday, closing the issue was always going to be tight, but liquidity dried up too early for the company to clear out its costly private debt.

Indonesian instant noodle maker Indofood CBP Sukses Makmur has closed syndication of its $2.05bn-equivalent acquisition loan. The allocations are expected to be out in the next few weeks.

Puma, the sportswear maker, launched Schuldscheine on Monday tied to its sustainability performance.

Lazard said it was rehiring Sam Whittaker as a managing director in its restructuring group, after Whittaker spent the last five years at boutique rival PJT Partners.

Brussels Airport is looking to sell US private placements, according to market sources. It is the first European airport to try its luck in the market since the coronavirus reached Europe.

Aston Martin’s rescue financing was battered by brutal markets late last week, with the Crossover widening around 40bp between announcement and pricing, and risky triple-C rated bonds selling off still further. Tuesday’s price talk of high 8% to 9% proved far too ambitious for the troubled UK car manufacturer and the deal eventually cleared at 10.5% on Friday afternoon, with investors offered extra upside through a longer non-call to tempt them into the book.

Credit Suisse has hired two new managing directors in its EMEA leveraged finance origination business, one from a client company.

China Oceanwide Holdings has returned for a $291m loan that is backed by a letter of credit.

Taiwan’s technology service company Wistron Corp has returned to the loan market for a $300m facility.

Shandong Iron & Steel Group Co was forced to pay 50bp more than it expected for a new $500m three year bond on Thursday, despite trying to appeal to investors with a positive spin on its future fundraising plans.