Loans and High Yield

Chinese solar power company GCL New Energy Holdings has met the threshold needed to restructure its debt, following its default on a dollar bond at the end of January.

European loan bankers have been trying to convince corporates to switch their loans to risk-free rates sooner rather than later as the Libor deadline looms, but so far borrowers are largely ignoring their pleas.

Chinese property company Fantasia Holdings Group Co returned to the debt market this week for a $150m tap to meet some imminent refinancing needs.

HSBC loans banker Ashish Sharma has taken on additional responsibilities, co-leading Asia Pacific leveraged and acquisition finance with Rachel Watson.

Klöckner Pentaplast (KP) has rounded off an extraordinary comeback against the backdrop of the pandemic, successfully refinancing its capital structure and taking out PIK notes that were quoted in the low 30s in April last year.

Lufthansa, last in the bond market just over two months ago, flew back in on Thursday with a dual tranche offering, gathering a €3bn book and raising €1.6bn of four and seven year funding.

Ion Analytics has had a successful second outing in the leveraged loan market, placing its revamped deal tighter than talk and at a smaller discount. The result makes up for Ion suspending the original deal in November, in the face of US election fears and resistance over its terms.

Goldman Sachs is trying to steal a march on rivals as it looks to turbo-charge its European business by leading the listings of the region’s most vibrant start-ups, writes David Rothnie.

Indian renewable energy company Continuum Energy Levanter made its debut in the dollar bond market this week, more than three years after pulling its initial attempt. However, it had to offer investors incentives to seal the $561m deal, writes Morgan Davis.

A $390m loan backing CVC Capital Partners’ acquisition of Myanmar’s Irrawaddy Green Towers (IGT) was abruptly put on hold this week after political turmoil rocked the country following a military coup. Pan Yue reports.

China Fortune Land Development’s domestic and offshore bonds swung this week after the property company admitted to onshore defaults worth Rmb5.255bn ($813m), adding to ongoing concerns about its liquidity condition and access to funding. Addison Gong reports.

A handful of Chinese companies managed to hit the bond market on Wednesday for new deals, ahead of not just the upcoming Chinese New Year break but also the jumbo outing launched by Alibaba Group Holding on Thursday.