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GC Asia
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Turkish firms ride clashing waves of risk appetite and aversion
Turkish companies and banks are succeeding in raising funds in international debt markets, even as the country strays near the edge of an economic precipice and experienced investors view Turkish risk with disdain.
13 May 2021 -
Virgin Active judgement could push CVAs into obscurity
The UK's High Court delivered a ringing endorsement of the country's new restructuring regime this week in a landmark ruling on gym chain Virgin Active, showing that companies have a new route other than CVAs to cut their debts to landlords. Silas Brown and Owen Sanderson report.
13 May 2021 -
Mehiläinen boosts refi size to roll up existing debt
Finnish healthcare provider Mehiläinen increased the size of its ESG-linked refi loan from €300m to €1.06bn, refinancing not just the second lien loan, as originally intended, but the company’s entire first lien capital structure. Leads HSBC and Jefferies also tightened the margin range from launch levels.
13 May 2021 -
New restructuring law is a step forward
Commercial landlords in the UK are angry about gym chain Virgin Active’s restructuring plan, and with good reason. Many of them have lost out heavily, while senior secured creditors got away with little more than an amend and extend.
13 May 2021 -
China’s Haid, Yuto woo banks for debut borrowings
Guandong Haid Group Co and Shenzhen Yuto Packaging Technology Co are both making their debuts in the loan market.
13 May 2021 -
Lenders push back on Cerba's ESG conditions
Diagnostics firm Cerba Healthcare has made the key performance indicators on its sustainability-linked loan more ambitious after talks with leveraged loan investors on its financing for its buyout by Swedish private equity firm EQT.
12 May 2021 -
Judge backs Virgin Active’s precedent-setting restructuring scheme
UK courts have endorsed gym chain Virgin Active’s restructuring plan, a precedent-setting move which shows that the UK’s new restructuring law with its ‘cross-class cramdown’ feature can be used instead of a CVA to cut debts to landlords. Some claim it represents a further attack on already-struggling landlords, but others argue than having all creditors share the pain at the outset should mean better recoveries if other chains follow this approach.
12 May 2021 -
Piramal Glass gets solid take up for $355m LBO loan
Piramal Glass has closed its $355m leveraged buyout loan, receiving strong response from 14 participants.
11 May 2021 -
Italian issuers say ‘si grazie’ to HY market
Monday brought another strong start to the week for European high yield, with six new bonds announced and other deals, such as EQT’s Cerba healthcare financing, set to close this week. Italian issuers led the way, with bonds for International Design Group, Lutech and Cedacri in the market.
10 May 2021 -
EQT launches bonds for Cerba buy-out
Swedish private equity firm EQT launched senior and subordinated bonds on Monday to finance its acquisition of Cerba Healthcare, the diagnostics company headquartered in France.
10 May 2021
High Yield Bonds
Asia high yield bonds news
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Investors push back on aggressive bond pricing
A number of Chinese high yield borrowers that hit the dollar bond market this week have seen mixed responses to their notes in secondary trading, which bankers say is a sign of changing market sentiment and investor response.
07.30 AM -
Asia’s ESG bond market surges but calls for more ‘governance’ focus
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China property bond flurry continues
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Vista Land takes $170m from tap
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Fosun returns for $500m
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China Water joins flood of green bonds
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JSW Hydro makes a splash with green bond
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Cathay Pacific lands first dollar bond in decades
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Chinese property borrowers return in droves
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Golden Energy wields high yield
