Loans and High Yield

Greece’s Public Power Corp priced €500m of sustainability-linked high yield bonds on Wednesday to repay bank debt, after becoming the first HY borrower to use this structure in March.

Three real estate developers from Greater China raised additional funding from the dollar bond market through opportunistic trades on Tuesday, taking some comfort from the Chinese central bank’s recent move to boost renminbi liquidity.

State-owned Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) is in the market for a $790m loan, its largest offshore facility yet.

High yield bond investors have been slower to embrace sustainable finance than other areas of the capital markets but the tide could be turning. Asset manager Tikehau has launched a new impact credit fund, focusing on leveraged finance in a bid to push the market towards sustainability.

Investec has hired two new staffers to its growth and leveraged finance team, after launching an inaugural direct lending fund at the start of 2021.

Private equity firm Blackstone is raising $1.1bn to support its purchase of a stake in Indian IT company Mphasis. The deal is set to be the largest leveraged buyout loan in the country — and comes with a group of 13 bookrunners at the top. Pan Yue reports.

Deals keep coming in leveraged finance, as conditions remain ripe for refinancing and funding acquisitions. Though there are signs of investor fatigue around the edges, bankers do not expect much of a slowdown until August.

Chint Solar, a Chinese photovoltaic module supplier, is making its debut in the offshore market for a dual currency green loan.

Shanghai Pharmaceuticals Holding Co has managed to slice the margin and fees on a $500m comeback to the loan market.

With private equity-backed mergers and acquisitions hitting record levels in Europe, bankers have their tails up as they jostle for the most lucrative fee opportunities, writes David Rothnie.

Luxury carmaker Jaguar Land Rover launched euro and dollar bonds on Thursday, as it attempts to navigate its way out of the coronavirus pandemic and a global chip shortage.

German airline Deutsche Lufthansa sold €1bn of three and eight year senior unsecured bonds on Wednesday.