Loans and High Yield

Air France-KLM is preparing to return to public funding markets, as the group comes off life support and contemplates its post-pandemic capital structure, bloated by €10bn of state aid measures during 2020. The airline has been marketing a €600m dual tranche three and five year issue, which is set to be priced on Thursday, as it predicts running at over 60%-65% of 2019 capacity during the summer.

Hapag-Lloyd, the German container shipping firm, has signed an $852m syndicated green loan to buy vessels, further solidifying ESG into its capital structure after debuting in green debt this year.

China’s Tongyi Lubricant, which is backed by private equity firm Carlyle Group, has tapped three Taiwanese banks to help it raise $110m from the loan market for a dividend recapitalisation.

Indian software services provider Coforge, previously known as NIIT Technologies, is seeking a loan to fund a dividend recapitalisation, joining a growing list of companies raising debt to pay a special dividend to shareholders.

Singaporean logistics company GLP used a subordinated perpetual bond structure to raise $300m of green funds this week.

Following the launch of as many as 10 transactions this week targeting a total of €4.7bn, the high yield market is close to notching its sixth month of more than €10bn of issuance.

The Loan Market Association has launched its own automatic document platform, days after a survey by the industry body found that most of the syndicated loan market wants to use or already uses fintech for documentation.

Chinese online human resources service provider 51job has raised a $1.825bn term loan from two banks to support its take-private.

The recent round of M&A and leveraged buyout financing provided by Chinese banks shows their growing ambition in the more complicated and riskier part of Asia’s loan market.

Chinese real estate company Hopson Development Holdings returned to the offshore bond market for the fourth time this year on Monday, this time taking an aggressive approach to pricing its $200m deal.

A consortium led by Billion Development and Project Management, a Hong Kong-based property developer, is in talks with banks for a bridge loan to support its acquisition and reconstruction of an exhibition centre in the city.

Polish consumer collection business InPost launched senior unsecured high yield bonds on Monday, to fund its acquisition of French peer Mondial Relay.