Loans and High Yield
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The European Leveraged Finance Association has called for better transparency in high yield covenant packages, arguing that clarity is crucial for pricing risk. The call comes shortly after one of the largest covenant climb-downs in recent market history, when lead banks on ThyssenKrupp Elevator stripped many of the most controversial terms from the €8bn financing. -
Philippine issuers are flooding the market with dollar bonds, giving investors an unprecedented selection of deals from the country. There is plenty more to come. Morgan Davis reports.
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Studio City Finance restructured its debt portfolio with a $1bn bond sale on Wednesday.
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Chinese property companies Kaisa Group Holdings, Yango Group Co and Overseas Chinese Town (Asia) Holdings raised a combined $1.5bn from their bonds on Wednesday.
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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.
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Greentown China Holdings netted $300m from a bond on Tuesday to pay off notes that are due this year.
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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.
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Charoen Pokphand Indonesia is gauging appetite among a select few existing lenders for a new $307.9m-equivalent dual-currency loan.
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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.
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Property developer Modern Land (China) Co has returned to the green market with a $250m bond.
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Sunac China Holdings met some of its looming dollar refinancing pressure with a $1bn bond outing on Monday.
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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.
