MUFG

Europe’s high grade corporate bond market was populated with well rated issuers on Wednesday, as triple-B borrowers took a cautious approach and stayed away after the Easter weekend.

Tricor Holdings, owned by investment firm Permira, has brought a rare dividend recapitalisation deal to Asia’s loan market. Pan Yue reports.

Mercedes-Benz Auto Finance has priced the senior tranche of its Rmb8.337bn ($1.28bn) auto loan ABS deal in China at an aggressive spread over the onshore benchmark and comparable trades.

India’s Adani Green Energy has raised a $1.35bn green loan to support the construction of projects under its renewable portfolio.

A HK$5.5bn ($708m)-equivalent loan to partly refinance debt taken for investment manager Permira’s leveraged buyout of Tricor Holdings is now open to existing lenders in syndication.

MUFG has for the first time chosen a single leader for its banking and securities divisions in EMEA. John Winter will take the post from April 1, meaning that the most senior executive in EMEA will be non-Japanese for the first time.

Tricor Holdings is planning a return to the loan market to refinance a HK$2.8bn ($360m) borrowing it sealed in 2016 for a leveraged buyout by investment firm Permira.

Indian agrochemical firm UPL Corp has opened the country’s first sustainability-linked loan into syndication.

A consortium led by Malaysia’s TTL Energy and Engie Asia Pacific, the regional arm of French energy firm Engie, has raised a RM342m ($84m) green loan to support the development of a solar plant in Malaysia.

Toyota Motor Finance (China) Co has sealed the senior tranches of its auto ABS deal at negative spreads to onshore benchmarks thanks to strong backing from Japanese investors, putting the post-Chinese New Year securitization market on strong footing.

The Asian Infrastructure Investment Bank issued its second bond in Indian rupees via a private placement this week. Elsewhere, as rates rise, MTN dealers are finding attractive opportunities in other key Asian markets.

Toyota Motor Finance (China) Co plans to launch its first auto loan securitization deal of 2021 under the Toyota Glory series next week. The originator will open the onshore auto ABS market after the Lunar New Year break with a Rmb5bn ($774m) transaction — its largest to date.