Loans and High Yield

Esmalglass, a Spanish producer of ceramic glazes and inkjet inks, is seeking a €250m loan to refinance acquisition debt.

Danube Foods Group, the Serbian packaged foods conglomerate, is raising a €300m loan to back its buyout by Mid Europa Partners.

The eagerness of European credit investors — before quantitative easing has even begun — is being felt very strongly in debt markets, and in the choices issuers make between borrowing in Europe and the US.

The month-long gloom surrounding Chinese property credits looks to be finally dispersing after Shimao Property Holdings priced the sector’s first high yield bond of the year on February 3. Not only did the transaction attracted a huge order book, it also managed to attain solid pricing, which paves the way for its peers to follow.

Integrated natural gas company China Gas is back in the market for a $300m loan that is backed by the International Finance Corp.

Chinese technology giant Tencent has decided to go ahead with a Reg S/144A transaction while it was in the middle of non-deal roadshow after it wasencouraged by strong feedback from US investors and the recent robust trading sessions.

International bond investors welcomed back Tower Bersama for the first time in two years as the Indonesian telecoms tower operator priced a $350m seven year non-call four offering on February 3. On the back of strong demand, the issuer achieved the lowest ever yield for a seven or longer tenor offering from a private Indonesian company in the high yield market.

Dutch software company Exact Holdings has revised pricing on its $460m acquisition debt package, as the US loan market, where it is marketing most of the debt, continues to move wider.

SIG Combibloc has followed Altice's recent example by demonstrating the European market’s keen appetite for large leveraged M&A deals. SIG has tightened pricing on the loans in its €2.8bn deal and replaced some of the deal's bonds with loans.

Shimao Property Holdings is looking to be the first high yield property name from China to tap the offshore bond market this year, opening books to a 7 non call 4 dollar transaction on February 3. And many market participants are keeping a close eye on the deal as they see it as a benchmark for a sector that is still reeling from its first offshore bond default.

Indonesian telecom tower operator Tower Bersama is looking to make its first appearance in the international bond market since making its debut in 2013, opening books for a seven non call four year dollar bond on Tuesday, February 3.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) is in the market for a $100m five year loan that has a $50m greenshoe. The borrower has picked Cathay United Bank as sole bookrunner for the transaction.