Loans and High Yield

Bankers are readying a fat pipeline of new primary projects in leveraged finance, which are likely to meet a deep swell of investor demand — with P2Ps, carve-outs, acquisitions and secondary deals all ready to be distributed in the first quarter, thanks to a reviving M&A market in the second half of last year.

Bank of America, Deutsche Bank and UniCredit have launched the buyout funding for Carlyle’s €2bn purchase of Flender, a company making wind turbine gearing, from Siemens. On offer is a €1.045bn term loan 'B' in sustainable format, plus a €150m revolver and €125m guarantee facility.

Singaporean ride-hailing company Grab Holdings has added a dash of excitement to the loan market with plans to raise $750m from a new outing. Pan Yue reports.

Asia’s dollar bond market reopened this week with record issuance. Issuers are usually keen to get in ahead of the Chinese New Year holiday, but the start to 2021 has seen a rush of new primary deals like never before. Bankers said the supply will continue, although they expect it to slow down in the next few weeks. Morgan Davis reports.

Hellman & Friedman transferred Verisure, the Swedish alarm maker, into its ninth fund before Christmas, and has now launched a combined refinancing, dividend and consent deal to releverage the company. The first part of the package in the market is a €2bn loan deal led by Bank of America, with secured and unsecured bonds to follow.

UK stationery retailer Paperchase has submitted a notice of intent to appoint administrators, as it struggles to cope with the effects of lockdowns and disruption to Christmas sales.

Adler Group, a BB+ rated company bringing an IG-style refi trade, looks set to be the first European levfin deal of 2021, with a mandate out on Wednesday for a dual tranche issue led by JP Morgan. The German property business had a transformative 2020, with two big acquisitions and a rights issue, and was last in the bond market in November.

MUFG has given Darryl D’Souza a new position under Matteo Ferrario, where he will lead part of the bank's strategy for financial institutions.

Issuers from Greater China flooded the market with dollar deals on Tuesday, capitalising on strong appetite from investors ready to put money to work in the new year.

Dollar bond issuance from Chinese property companies went up a notch on Tuesday with seven firms printing deals. On Monday, the first working day of the New Year in the region, four Mainland developers had wooed investors.

Bankers are readying a fat pipeline of new primary projects in leveraged finance, which are likely to meet a deep swell of investor demand, but the starting gun has yet to fire, with high grade and frequent borrowers setting the tone for now.

Chinese property borrowers reopened Asia’s primary dollar bond market on Monday, with four issuers raising nearly $2bn between them following solid demand from investors.