Banks
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Charoen Pokphand Group has launched a $7.15bn-equivalent loan into general syndication after attracting five banks at the senior level. -
Zhenro Properties Group has ended the long absence of Chinese property companies from the dollar bond market, raising $200m from a transaction that was more than 10 times oversubscribed at its peak.
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China’s Powerlong Real Estate Holdings has closed a $200m-equivalent loan with three banks.
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Chinese convenience store operator Suning Xiaodian is raising mezzanine debt of up to $300m to refinance an acquisition loan sealed last year.
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Terry Mo has joined CMB International as a senior product manager in the structured finance department.
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Genius Auto Finance sealed a Rmb4bn ($563m) three tranche auto loan ABS on Thursday, piercing through a razor-thin 2% coupon level for the senior tranches.
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Tim Hoffmeister has taken up senior positions in an M&A advisory firm and a management consultancy in Germany.
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Some of Europe’s largest banks have taken large chunks of syndicated loan market share in EMEA this year, as the pandemic has prompted some institutions to flex their muscles and others to retreat.
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It was a busy first quarter at Commerzbank’s corporate clients division, as companies rushed to secure liquidity and access Germany’s support programmes. But that division and the group as a whole made a loss in the quarter, results released on Wednesday showed, as cost of risk rose and valuations of derivative positions fell.
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The UK Debt Management Office launched its first bond syndication of the new financial year on Tuesday, smashing all previous records for deal and order book size and making a healthy start on its largest ever borrowing programme in response to the coronavirus pandemic. Despite the huge size, the deal caused “barely a ripple”, thanks to the support of the Bank of England’s asset purchase facility.
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