Loans and High Yield

Private equity firm Blackstone is raising $1.1bn to support its purchase of a stake in Indian IT company Mphasis. The deal is set to be the largest leveraged buyout loan in the country — and comes with a group of 13 bookrunners at the top. Pan Yue reports.

Deals keep coming in leveraged finance, as conditions remain ripe for refinancing and funding acquisitions. Though there are signs of investor fatigue around the edges, bankers do not expect much of a slowdown until August.

Chint Solar, a Chinese photovoltaic module supplier, is making its debut in the offshore market for a dual currency green loan.

Shanghai Pharmaceuticals Holding Co has managed to slice the margin and fees on a $500m comeback to the loan market.

With private equity-backed mergers and acquisitions hitting record levels in Europe, bankers have their tails up as they jostle for the most lucrative fee opportunities, writes David Rothnie.

Luxury carmaker Jaguar Land Rover launched euro and dollar bonds on Thursday, as it attempts to navigate its way out of the coronavirus pandemic and a global chip shortage.

German airline Deutsche Lufthansa sold €1bn of three and eight year senior unsecured bonds on Wednesday.

Several Schuldschein issuers have more than tripled their initial targets for deals, with arrangers saying many have gone subject just days after launch. The deal outcomes show a chronic supply and demand imbalance, as the market comes to terms with a persistent drop in deal flow.

Oriental Petrochemical (Taiwan) Co, a subsidiary of conglomerate Far Eastern Group, is planning a return to the loan market for a dual currency borrowing that will include a dollar portion for the first time.

PizzaExpress is looking to raise sterling bonds to refinance its capital structure, after bondholders took control of it last year from Chinese private equity group Hony Capital.

Indian company Tata Steel has returned to the loan market. It is in talks with banks for a £200m ($276m) financing to support its UK business.

Asia's investment grade bond market is off to a busy start for the week, while pressure on the high yield sector continues to keep borrowers at bay.