Loans and High Yield

The Ineos group is reworking its financing structure, with a new funding group called Ineos Quattro. The reorganization comes ahead of the takeout of the funding for its purchase of BP’s aromatics and acetyls business, one of the largest 2020 bridges still outstanding.

GlobalCapital Asia has spent the last two months talking to banks and their clients to determine the most impressive capital markets transactions and advisers across Asia ex-Japan in 2020, a volatile and unpredictable year. We are pleased to begin our awards announcements in the loan market.

Chinese property developer Logan Group Co courted investors with a six year bond on Monday, raising $300m from a solid order book of $3.3bn.

Philippine company SMC Global Power Holdings Corp added $350m to its coffers from a bond tap on Monday, taking advantage of market stability to return to investors rapidly.

VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has exercised the greenshoe option to increase the size of its loan to $170m.

Hong Kong’s personal loan provider, United Asia Finance, has returned to the market for its annual borrowing. It is seeking a HK$1.2bn ($154.8m) facility.

Monday saw a flurry of new high yield financings launched, including one market debut, the €1.25bn buy-out package for BC Partners’ takeover of Italian machinery maker Industria Macchine Automatiche (IMA). Also launched on Monday were VodafoneZiggo’s green debut (see separate story), a refi for debt purchaser Encore Capital, and a sterling deal for Ford.

CVC Credit Partners has hired two partners to join its private credit team, one of which will be co-head of private credit.

Whether or not Schuldschein debt is deliverable under CDS auctions is becoming more than an academic discussion, as analysts look to companies like travel firm Tui’s financial future. While the instrument fits the criteria as relevant debt for a CDS auction, the private nature of the contract could prevent the Determinations Committee from ruling.

VodafoneZiggo has launched its debut green bond, a major step forward for the high yield market, which has lagged behind other fixed income asset classes in adopting labels such as ‘green’, ‘social’ or ‘transition’. Liberty Global, which owns 50% of the Dutch telco, is one of the largest sponsors in European leveraged finance, and leadership from this quarter could kickstart a broader growth in labelled HY debt.

Jinan Lixia Holding Group Co came to the dollar bond market at the end of last week, bagging $300m from a three year deal.

This week in Keeping Tabs: attractive credit picks, physical shops adapting to online retail and a new drama about investment banking.