Loans and High Yield

The flurry in European leveraged credit supply continues this week, as trigger-happy investors push for deals further down the credit curve amid record low levels of corporate distress.

The tide of leveraged finance docs has gone out, and it isn’t coming back in. Lenders have only the comforting embrace of sponsors to rely on. But that’s the game today, and you have to play it.

Logan Group Co used the last of its offshore debt issuance quota to price a $300m green bond on Monday.

Aldesa Group, a Spanish construction and engineering firm acquired by state-owned China Railway Construction Corp last year, is tapping the Asian loan market for a €150m deal.

French frozen food producer Picard launched a €1.71bn sustainability-linked dividend deal on Monday, just months after it had to pull a similar deal.

Personal hygiene company Ontex has launched a bond deal, aiming to replace the bulk of its previously secured capital structure with unsecured debt, and push out its 2022 maturity wall with longer-term funding.

Genertec Universal Medical Group, a Hong Kong-listed healthcare services company, has received strong response during syndication for its latest loan.

Shui On Land became the first Chinese corporate borrower to sell a sustainability-linked bond (SLB) this week — a move that worked to its advantage.

Thailand’s Gulf Energy Development Public Co is seeking a multi-billion loan in dollars and baht to fund the acquisition of telecommunications firm Intouch Holdings, giving banks yet another opportunity to finance a jumbo deal from the southeast Asian country. But there are challenges ahead, writes Pan Yue.

China Oil and Gas Group’s $400m bond proved popular with investors this week as it offered the high yield market an alternative to property deals from the country.

Chinese property company Leading Holdings Group has made its debut in the dollar market with a sub-one year bond.

Virgin Media 02, the joint venture of Virgin Media and O2, has sold £1.13bn-equivalent of sterling and dollar notes, refinancing a set of bank loans signed ahead of the 50:50 merger, which finally closed earlier this month.