Loans and High Yield

Dutch healthcare company Affidea has signed a €150m senior secured loan to pursue growth opportunities, weeks after Moody’s upgraded the company’s B2 outlook from negative to stable.

Fujian Yango Group Co has sold a $250m bond as part of a liability management exercise.

Troubled Belgian bathroom fixtures firm Ideal Standard has struggled to sell high yield bonds, slashing the size of its deal and yanking up the yield. Meanwhile, the transaction is down at least three points on the first day of trading.

Online retailer The Very Group is looking for £575m of senior secured notes, in a bid to refinance its capital stack.

India’s largest ever leveraged buyout loan, tied to Blackstone’s stake purchase in IT services company Mphasis, is in the market, after inviting a wide group of banks to participate in general syndication.

Increased concerns about the impact and spread of the Covid-19 virus, as well as China property bond volatility, dented the dollar bond market in Asia last week, leading to significant widening in the high yield sector.

Shandong Iron and Steel Group Co raked in $500m this week, as investors welcomed the long-term prospects of the Chinese company.

Thai agri-business firm Charoen Pokphand Foods’ subsidiary, CPF Investments, is in the market for a new $400m loan.

McLaren, the sports car manufacturer, closed its $620m five year deal with a 7.5% coupon on Thursday after investors piled into the order book.

Larger Asian and European commercial bank lenders are being scaled back by as much as 90% in certain Schuldscheine, as sluggish deal flow prompts arranging banks to make tough decisions.

Borrowers from Greater China rolled out five new bonds on Wednesday to raise more than $2bn between them.

Oil and gas company Ithaca Energy has launched a five year senior unsecured bond, looking to refinance its 2024 notes and repay part of a shareholder loan from its Israeli parent Delek.