Loans and High Yield

Wuhan Dangdai Science & Technology Industries (Group) Co chose a quiet Friday for deal flow to raise $200.5m from a tap.

Country Garden has launched a $1.5bn-equivalent loan into general syndication after mandating a group of nine banks.

Philippine conglomerate JG Summit Holdings managed to tackle investor questions and scrutiny into the impact of Covid-19 on its business to make a rare bond market outing for $600m.

Powerlong Real Estate Holdings has raised a new offshore borrowing of $120m-equivalent, just two months after closing a $200m loan.

Barclays appoints levfin and sponsors leaders — Créd Ag gives Goldfischer UK role — BTIG hires Huggins

The huge demand seen for ThyssenKrupp Elevator’s buyout financing, the largest bridge loan left on banks’ books through the Covid-19 crisis, should reassure credit committees and capital markets operators that the LBO market is wide open again, for the right business. Owen Sanderson reports.

Specialist transmission manufacturer Renk sold a high yield bond this week, testing the market’s capacity for companies in cyclical sectors — though marketing for the five year issue lent heavily on the company’s stable military and servicing contracts.

Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking. But underwriters had already taken risk off the table by pre-placing the larger dollar loan, with GSO likely taking a piece.

Banks backing Cinven, KKR and Providence’s take-private of MasMovil have boosted the size of the euro loan tranche in the market this week by €500m, cutting down the planned bond that will fund the remainder of the deal, the first major LBO announced in Europe since the coronavirus crisis.

A long-running attempt by Chinese oil company Hilong Holding to complete an exchange offer on a dollar bond has failed, after it confirmed a default this week. The situation has caused analysts to speculate on how it could have executed its deal better. Alice Huang reports.

Barclays has appointed two new chairs of its leveraged finance and sponsors business, with Chris Turner relocating to New York to become chairman of global leveraged finance.

AMS had to discount its bond by an extra point and pay a higher coupon in the face of lower demand as it looked to fund the takeover of light maker Osram, after news broke last Thursday of a potential investigation into the company’s executives. That forced bookrunners to reopen the deal and take another swing at the market this week.