Loans and High Yield

High yield bond issuance is coming thick and fast in Europe, with new deals for Autodis, Avantor and Diebold Nixdorf announced on Tuesday and Verisure following on Wednesday. Banks have cleared most of their pre-Covid bridge books, and the summer break is nearly here, giving issuers wanting to lock in a refinancing a short window to hit.

Greentown China Holdings netted $300m from a bond on Tuesday to pay off notes that are due this year.

International Container Terminal Services (ICTSI), a Philippine port company, made a quick return to the debt market on Tuesday, selling a $300m perpetual bond just weeks after securing a $400m trade.

Charoen Pokphand Indonesia is gauging appetite among a select few existing lenders for a new $307.9m-equivalent dual-currency loan.

John Muncey has joined Barclays as vice-chairman of its consumer retail group (CRG) in Europe and the Middle East, while Jamshed Kakalia has been promoted to lead the consumer business in that team.

Property developer Modern Land (China) Co has returned to the green market with a $250m bond.

Sunac China Holdings met some of its looming dollar refinancing pressure with a $1bn bond outing on Monday.

Four banks are set to sign the mandate letter for a $210m loan to support private equity firm KKR’s acquisition of India’s JB Chemicals & Pharmaceuticals.

Apollo Global Management announced on Monday a new private credit unit aiming to provide $1bn direct loans to larger firms, in the first instance of a direct lending fund with its eyes only fixed on big business.

Swedish alarm firm Verisure is preparing a €1bn refinancing, underlining the move in the leveraged credit market from the tough days of March and April to firmer territory where sponsors can optimise capital structures, not just hang on for liquidity at any price.

Bitė, a mobile, broadband and pay TV firm in the Baltic region and a portfolio company of Providence Private Equity, is prepping a dividend recap and refinancing of its whole capital structure, funded by a dual tranche high yield bond offering. This marks the company’s return to bond markets after nearly five years financed through loans.

VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has launched a $200m new money loan.