Loans and High Yield

Jinke Property Group Co raised $325m from its bond market return on Tuesday, with its deal receiving peak demand of about $1.45bn during bookbuilding.

Deutsche Bank held a three hour “deepdive” into its sustainability actions for clients, investors, the press and NGOs last week, with its CEO Christian Sewing and all its business heads. It coincided with an array of announcements, which even earned a favourable comment from Moody’s, including that Deutsche is accelerating its €200bn sustainable financing target. But those hoping for more detail on how Deutsche will decarbonise its financing were disappointed.

Polish synthetic rubber group Synthos announced a €500m high yield bond on Tuesday, following its recent agreement to buy two specialist rubber businesses from Trinseo for $449m. It will fund the acquisition through cash but it launched the new bond to pay down its existing term loan and put in place a more flexible capital structure, including an increased €500m revolving credit facility.

Debut Chinese borrowers are steadily returning to the dollar loan market, taking advantage of economic recovery in the country to raise money to finance their capital expenditure.

Three Chinese borrowers and one Hong Kong issuer hit the international bond market on Monday, getting ahead of a pick-up in deal flow expected in the rest of the week.

Kartesia, the alternative asset manager known for financing small to mid-cap companies, has raised its fifth private debt fund mandated to look for deals beyond private equity sponsors.

Deutsche Lufthansa deferred the coupon on its hybrid debt, surprising the market and sending the bonds spiralling down almost nine points. The company said the decision came as the coupon payment would have violated state aid rules in relation to Lufthansa’s bail-out from the German government.

Indonesian multi-finance companies are continuing to favour club loans over syndicated deals, with Federal International Finance becoming the latest firm to use this route for its fundraising. Pan Yue reports.

Akropolis, which operates shopping centres in the Baltic region, is readying a debut high yield bond issue.

Premier Foods announced a long-expected refinancing of its main wholesale debt, a £300m 2023 bond which first came up for call last year. The refi comes as the firm published preliminary results to the end of Q1 showing profits up more than 20% for the year, and debt levels coming down.

A landmark in global energy policy was reached on Tuesday when the International Energy Agency published its Net Zero by 2050 model, its first detailed attempt to set out how the energy industry could transition to net zero greenhouse gas emissions.

Leveraged loan investors that took a punt on Carnival’s rescue financing last year are set for a huge payout, as the cruise operator looks to reprice its term loan Bs.