Loans and High Yield

Aedifica, a Belgium-based healthcare property investment company, has launched a US private placement, according to market sources.

German software company TeamViewer launched an inaugural Schuldschein deal on Monday, with margins linked to its ESG performance. Five new borrowers have entered the Schuldschein market so far this year, almost half as many as appeared throughout the whole of 2020.

After a modest start to 2021, European leveraged finance started to fire on all cylinders this week, with three new bonds and a loan announced, alongside Ineos Quattro’s €4.6bn debt package which began marketing efforts last week.

Chinese companies were undeterred from selling bonds last Friday, usually a quiet day of the week for deal flow, with four borrowers raising funds.

China Fortune Land Development Co's bonds were the worst performing among Asian high yield notes last week amid rising pressure on the company’s international ratings.

The senior syndication stage for a $140m-equivalent loan to support TPG and Northstar Group’s acquisition of a majority stake in Japfa’s southeast Asian dairy business is set to close by the end of this week.

Commodities trading giant Trafigura has launched a Schuldschein which, due to its poor credit profile and high intended yield, is a clear outlier in the market, while some bankers are surprised that such a large company would try to raise such a small loan.

Hamburg Airport has pulled a Schuldschein transaction with an initial target of €100m, according to several market sources, due to a lack of interest from investors.

The frenetic pace of dollar bond issuance from Greater China continued on Thursday as three property companies and two government linked names courted investors.

TIM, formerly Telecom Italia, got almost €4bn of demand for its debut sustainability bond on Monday, a €1bn eight year. The company put its sustainable financing framework in place last year, an umbrella document allowing it to raise green, social or sustainable finance in bond or loan format.

Digital Colony, which invests in mobile and internet infrastructure, has hired Latifa Tefridj-Gaillard as head of Europe capital formation.

Bankers are betting on a strong year for the UK — Europe’s biggest fee pool — but the overlapping concerns of Brexit, Covid-19 and regulation make for an uncertain outlook, writes David Rothnie.