Loans and High Yield

Chinese investment banks have a clear edge over their global counterparts when it comes to winning more offshore bond mandates from the country in the post Covid-19 environment.

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.

French retailer Auchan has launched a Schuldschein, the first non-German corporate to enter the market since coronavirus hit European capital markets.

JP Morgan announced a new set of leaders for its underwriting, coverage and M&A business on Monday, following a series of promotions in February.

Theme park group Parques Reunidos has raised an extra €200m from a "select group of existing investors", as it seeks to combat the coronavirus-impaired operating environment that has shut many of its water park locations across Europe.

UPDATED 16 May 3am BST Since March 18, when Europe's coronavirus caseload overtook east Asia's, it has had the most cases. On Tuesday Europe was surpassed by the Americas, which now has 1.86m as of Thursday.

Sappi, the South African pulp and paper company, decided just before lunchtime on Friday to cancel a €250m bond issue, judging the price it would have had to pay too high. The failure of this deal contrasts with the vigorous issuance by much riskier companies in the US market.

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.

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

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

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