Deutsche Bank

The Asian loan market is finally showing signs of life as receding concerns over the pace of renminbi depreciation and bank efforts to look beyond traditional borrowers propel activity. With two or three deals launching nearly every week this month, the pace of issuance has set a strong tone for the rest of the year. Shruti Chaturvedi reports.

China Minmetals Corp printed its first dollar bond of the year on Wednesday, replicating the same structure as its last outing a year ago. While some market participants reckoned the issuer was aggressive with pricing, the secondary performance of the notes indicated otherwise.

Macedonia returned to the bond market on Tuesday to finally print a €450m seven year bond after a challenge to the legality of the issue forced a postponement of the deal when leads opened books on July 14.

China Minmetals Corp started attracting attention from investors on Wednesday morning, taking bids for a dollar offering divided into a five and 10 year.

A subsidiary of Malaysian upstream oil and gas company UMW Oil & Gas Corp has approached the syndicated loan market for a $150m fundraising.

NRW.Bank will bring a no-grow $1bn three year dollar benchmark on Wednesday, after African Development Bank and Rentenbank on Tuesday comfortably raised dollars in longer tenors.

The City of Bristol Pension Fund has joined the Boston Retirement System in filing a lawsuit against a group of banks and traders for alleged manipulation of SSA debt in the secondary market.

Schaeffler, the German industrial bearings manufacturer, has consolidated its financial position with a €2.3bn loan refinancing package, following its €938m initial public offering in 2015.

Deutsche Bank has appointed co-heads of corporate finance for Germany, Austria and Switzerland

CVC-owned German cosmetics retailer Douglas has launched a repricing request for its €1.22bn cov-lite term loan ‘B’, holding an investor call on Tuesday afternoon.

Lead managers on the bond for Kazakhstani crude oil company Tengizchevroil (TCO) on Tuesday confirmed that the deal would be a $1bn 10 year note.

Yapi Kredi has cancelled the $550m 4.5% 2023 bond it sold on July 12 rather than settle it on Tuesday as scheduled. The bank said it will return to the bond market in September at the earliest.