Leveraged/non-investment grade - All articles

  • Nomura looks to sustainable investment banking future

    Nomura is eyeing acquisitions and a change in chief executive promises a reboot of its investment banking ambitions, writes David Rothnie.

    • 28 May 2020
  • Lenders make less money despite Covid-19 loan boom

    Some of the largest investment banks made 12% less revenue from lending in the first quarter, despite balance sheet expansion as they supported companies, according to research from analytics firm CRISIL Coalition.

    • 28 May 2020
  • Crisis Talk — Carson Block, CIO of Muddy Waters: ‘If capitalism breaks, it’s capitalists who broke it’

    Muddy Waters has fostered a fearsome reputation as a credible, thorough and forceful short seller whose explosive reports are a danger to anyone harbouring a stake in its intended target. Carson Block, its founder and chief investment officer, told GlobalCapital he has never been wrong about a company he’s shorted, though that doesn’t mean he’s made money from every position he has held. According to Block, monetary policies intended to stimulate markets through financial crises actually corrode them, and stifle accountability for serious failures in corporate governance.

    • 27 May 2020
  • Mu Sigma seeks $100m for refinancing

    India’s Mu Sigma, a data analytics firm, has returned to the loan market for an up to $100m deal to refinance its debt.

    • 27 May 2020
  • Muyuan debuts with $200m borrowing

    Chinese pork producer Muyuan Foods has set the ball rolling on its debut $200m offshore loan.

    • 26 May 2020
  • Vedanta plans up to $2.5bn loan for privatisation

    Metals and mining company Vedanta Resources is seeking a bridge loan of $2bn to $2.5bn to take its India-listed subsidiary private.

    • 26 May 2020
  • BOL sounds out banks for loan amid Covid-19

    Bank of the Laos PDR is in talks with banks for a new borrowing, returning to to the offshore loan market after raising two deals last year.

    • 25 May 2020
  • On-Bright seeks $206m loan for take-private

    Taiwan-listed On-Bright Electronics is seeking a $206m loan to support its take private.

    • 22 May 2020
  • GuocoLand, Manulife US Reit raise green loans

    Two Singaporean companies, GuocoLand and Manulife US Real Estate Investment Trust, raised green loans this week.

    • 22 May 2020
  • Genting seeks to delay loan payments as Covid-19 bites

    Cruise ship operator Genting Hong Kong has become the latest Asian company to seek a covenant waiver on a loan as the Covid-19 pandemic hits its operations. A rise in payment deferral requests is putting further pressure on retail banks that are already being forced to take a step back from lending. Pan Yue reports.

    • 21 May 2020
  • Hope Education makes debut for $200m loan

    China’s Hope Education Group is making its debut in the offshore loan market for a $200m borrowing.

    • 20 May 2020
  • Genting seeks ‘debt holiday’ with loan waiver request

    Genting Hong Kong, a cruise ship operator, has sent out a waiver request to lenders to postpone the principal payments on a $300m loan, as it navigates challenges posed by the Covid-19 pandemic.

    • 20 May 2020
  • MMI looks to extend loan for five years

    Singapore hard disk drive company MMI International has sent out extension requests to lenders on a $580m loan, as it struggles to make the outstanding payment on time.

    • 19 May 2020
  • CP Group launches Tesco Asia loan into general

    Charoen Pokphand Group has launched a $7.15bn-equivalent loan into general syndication after attracting five banks at the senior level.

    • 15 May 2020
  • Powerlong attracts three banks for $200m refi

    China’s Powerlong Real Estate Holdings has closed a $200m-equivalent loan with three banks.

    • 15 May 2020
  • Suning Xiaodian returns for mezzanine loan

    Chinese convenience store operator Suning Xiaodian is raising mezzanine debt of up to $300m to refinance an acquisition loan sealed last year.

    • 15 May 2020
  • CMBI hires loans banker from BoCom

    Terry Mo has joined CMB International as a senior product manager in the structured finance department.

    • 15 May 2020
  • Banks prepare to reject PTPN loan waiver, point to cash pile

    Indonesian palm oil producer Perkebunan Nusantara III (PTPN) is seeking consent from banks to delay payments on a dollar loan, given expectations of a hit to its business because of the Covid-19 pandemic. But bankers told GlobalCapital Asia this week that the state-owned company has enough cash to make the payments, with the syndicate team set to reject its deferral request. Pan Yue reports.

    • 14 May 2020
  • Leoch returns for $100m refi

    Chinese battery maker Leoch International Technology has returned to the loan market for a $100m refinancing.

    • 12 May 2020
  • MIE misses interest payment on oil woes, triggers cross-defaults

    Chinese oil and gas company MIE Holdings Corp has missed interest payment on a dollar bond during the grace period, triggering cross-defaults on its loan facilities. The firm has been hit hard by tumbling oil prices this year, putting pressure on its liquidity.

    • 12 May 2020
  • Indofood invites banks to $2bn acquisition loan

    Indofood CBP Sukses Makmur has sent out a request for proposals for a loan to back its acquisition of instant noodle maker Pinehill Company.

    • 11 May 2020
  • SJM seeks covenant waivers for HK$25bn loan

    Macau casino operator SJM Holdings is in talks with lenders for covenant waivers on a HK$25bn ($3.2bn) facility, as it faces delays over opening a new resort in Asia’s gambling hub.

    • 07 May 2020
  • HNA seeks another payment extension on $4bn loan

    Chinese conglomerate HNA Group has missed yet another payment, this time of $750m, on a loan it raised in 2016 to acquire Ingram Micro, a US information technology and products distributor.

    • 07 May 2020
  • Melco Resorts raises HK$14.85bn for refi

    Melco Resorts & Entertainment has closed a HK$14.85bn ($1.9bn) revolving credit facility to refinance an old borrowing maturing this June.

    • 06 May 2020
  • Borrowers vs banks: the battle continues

    Loans bankers and borrowers are increasingly spending weeks, if not months, negotiating over pricing, as the gap between their expectations grows wider amid Covid-19 disruptions.

    • 06 May 2020
  • Amret closes $50m debut borrowing

    Cambodian micro finance company Amret has closed its debut loan after attracting six participants during syndication.

    • 06 May 2020
  • Luxshare launches $500m loan into general

    Luxshare Precision, a Chinese designer of cable assemblies, has launched a $500m loan into syndication, hiking up the margin on offer due to changing market conditions caused by Covid-19.

    • 04 May 2020