Leveraged/non-investment grade - All articles

  • Pertamina set to pep up Indonesian loan market

    Thin deals volume from Indonesia last year is expected to continue into 2016 because of pressure on commodities and unfavourable swap rates. But there might be some respite on the way when it comes to pricing loans for state-owned companies, writes Shruti Chaturvedi.

    • 28 Jan 2016
  • Macau’s SJM tries its luck with HK$25bn fundraising

    Macau casino operator SJM Holdings is hunting for a HK$25bn ($3.2bn) loan to fund a new project in the city. Although the gaming industry in Macau is experiencing a lean period, loans bankers are expected to place their bets on SJM’s strong market position.

    • 28 Jan 2016
  • Agarwal to head regional loan syndication at Maybank

    RBS's former head of Asia Pacific loan markets, Aditya Agarwal, joined Maybank on Monday as the regional head of loan syndication, according to sources.

    • 26 Jan 2016
  • Tata Power arm eyes longer tenor for refi

    Tata Power subsidiary Bhira Investments, which has picked six lenders to arrange a refinancing of a $460m facility, is stretching the tenor of the new loan to five years.

    • 25 Jan 2016
  • Phoenix Healthcare terminates $150m loan

    Chinese hospital group Phoenix Healthcare has terminated an undrawn $150m loan raised in February 2015 due to the instability in the foreign exchange rate.

    • 25 Jan 2016
  • China Shengmu makes slow progress with $120m loan

    Only one lender is understood to have made a commitment to join China Shengmu Organic Milk’s $120m three year facility, which has been in syndication since December.

    • 22 Jan 2016
  • Haier loan could skip overseas syndication for China market

    China’s Haier Group is expected to use bank loans to fund up to $3.3bn of its forthcoming $5.4bn acquisition of US-based GE Appliances. Bankers have predicted an onshore China takeout, but the fundraising structure has not yet been disclosed, reports Shruti Chaturvedi.

    • 21 Jan 2016
  • Bhira Investments picks six banks for $460m refi

    Tata Power subsidiary Bhira Investments is understood to have mandated six banks to arrange a refinancing of a $460m loan wrapped up in October 2014.

    • 21 Jan 2016
  • Former RBS loans banker moves to Maybank

    The former head of Asia Pacific loan markets at Royal Bank of Scotland is expected to join Maybank next week, according to two sources.

    • 21 Jan 2016
  • EPBG invoked on $475m Alok Industries loan

    A lender has invoked an export performance bank guarantee (EPBG) that backed a $475m borrowing for India’s Alok Industries, leading to a repayment of the amount to all the banks that participated in the deal.

    • 20 Jan 2016
  • Tata Steel $1.5bn loan launches into general

    Tata Steel's $1.5bn refinancing has been launched into general syndication after a senior phase that began in early December.

    • 20 Jan 2016
  • Haier lines up three banks for $5.4bn GE acquisition

    Chinese company Haier has enlisted three lenders to fund its $5.4bn acquisition of Kentucky headquartered GE Appliances.

    • 18 Jan 2016
  • DBP launches $300m loan into general

    Development Bank of the Philippines (DBP) has opened a $300m three year loan to retail participants, having picked the mandated lead arrangers and bookrunners in mid 2015.

    • 18 Jan 2016
  • Tata Communications $250m loan in the works

    Indian data service provider Tata Communications is understood to be in talks with lenders for a loan of $250m.

    • 15 Jan 2016
  • CNH Hibor spike spurs offshore RMB loan rethink

    A big spike in the interbank rate for offshore renminbi has cast doubts over the development of the nascent CNH Hibor loan market. The changes in the overnight rates unnerved bankers, who responded that a wait-and-watch approach would be the most sensible, writes Shruti Chaturvedi.

    • 14 Jan 2016
  • Indorent drives away with $100m debut syndication

    Indonesian car rental service provider Indorent has raised $100m from its debut international syndicated loan. The borrowing came with a greenshoe of $50m, which was not exercised.

    • 12 Jan 2016
  • Loans round-up: China Water, Best Pacific, Hidili

    A $100m syndicated loan for China Water Affairs Group has closed with over 10 banks piling in, prompting the borrower to consider doubling the size of the deal.

    • 11 Jan 2016
  • Tata Motors revs up new $250m loan

    Tata Motors has made a rapid return to the international loan market for a refinancing worth $250m, launching the deal just a few weeks after signing a $600m fundraising.

    • 11 Jan 2016
  • Four bring Golden-Agri arm’s $300m to syndication

    A $300m dual-tranche borrowing for a subsidiary of palm oil producer Golden-Agri Resources has launched into syndication. The money was funded by four banks in mid-2015.

    • 08 Jan 2016
  • Bank of Ceylon cancels $100m loan

    Bank of Ceylon has decided to pull a $100m loan launched at the end of October 2015 in favour of raising more short-term funding.

    • 08 Jan 2016
  • Loans bankers keep hopes in check for 2016 outlook

    Loans bankers have traded in cautious optimism for realism this year, as weaker currencies and loosening monetary conditions across Asia are expected to weigh on demand for foreign currency debt. Even silver linings such as a potential pick-up in loan activity from India and increased outbound M&A will provide little respite, writes Shruti Chaturvedi.

    • 07 Jan 2016
  • Blackstone finds four for $145m Serco fundraising

    Allocations are out for a $145m loan backing the Blackstone Group’s acquisition of Serco’s business process outsourcing assets in India.

    • 07 Jan 2016
  • Pakistan hikes financing to $325m

    The Islamic Republic of Pakistan has increased the size of its latest loan to $325m from $300m after a few more lenders joined the deal at a later stage.

    • 07 Jan 2016
  • Saka Energi Indonesia borrowing nets $100m

    A $600m loan for the upstream oil and gas arm of Perusahaan Gas Negara (PGN) has seen commitments worth $100m come in so far.

    • 06 Jan 2016
  • China SCE, Bumi Armada seal dollar loans

    Hong Kong-listed China SCE Property has completed a $400m fundraising via four mandated lead arrangers and bookrunners.

    • 05 Jan 2016
  • S&P puts Renhe on negative watch after loan breach

    Standard & Poor’s has put the credit rating of Chinese mall developer Renhe Commercial Holdings on negative watch after one of the company's subsidiaries breached covenants on a syndicated loan. The breach could prompt banks to demand an early repayment, which the firm might find tough to meet.

    • 05 Jan 2016
  • Red Dragonfly swoops in for onshore loan

    Chongqing Red Dragonfly Oil is seeking an onshore loan of up to $200m as it looks to forge relationships with foreign lenders in mainland China.

    • 04 Jan 2016