Loans and High Yield

Privately-owned Indonesian palm oil producer Royal Industries launched its $500m dual tranche fundraising into general syndication on February 27. Interested banks have the option of joining offshore or onshore.

Chinese real estate company Times Property is back in the dollar bond market following a near one year absence, receiving bids for a five year non call three transaction that was already covered prior to launch on March 2.

Property developer Country Garden Holdings has made a dash for the dollar market, pricing a 5NC3 bond one day after the end of the Chinese New Year holidays. The timing worked out well for the issuer, as the lack of competing supply meant it was able to generate a more than five times covered order book to print a $900m bond.

China Shanshui Cement has mandated three banks to arrange a series of investor meetings next week as the Chinese borrower seeks to issue its first dollar bond in almost three years.

A £340m seven year term loan ‘B’ for Sky Bet is trading up in the secondary market, despite investor pushback during its syndication.

Constantia Flexibles, the Austrian food packaging company, cut margins on its €1.15bn leveraged loan for the second time since hitting its deadline for commitments.

High yield investors have launched a fresh campaign against the sell side's relentless pressure to weaken covenants, and for better disclosure, writes Victor Jimenez. But hopes of concessions are slim.

Foncia, the French property management firm, has launched a €270m add-on to acquisition debt from its leveraged buyout by Bridgepoint in 2011.

Springer Science, the German science publisher, has launched a €600m-equivalent acquisition loan and booked a bank meeting for Tuesday next week in London.

Bonds of New World Resources, the struggling Czech coking coal producer, spiralled lower today, after Moody’s warned yesterday it could not afford the short term expense of buying coal from abroad.

Real estate developer Country Garden Holdings is looking to become the first out of Asia ex-Japan issuer to tap the debt market following the end of the Chinese New Year holidays, opening books to a five year non call three transaction on February 26.

Four more banks have joined the senior group for KKR-sponsored MMI International’s $580m five year fundraising. A general launch is likely early next week, said bankers.