Loans and High Yield

Indonesia’s Sarana Multi Infrastruktur (SMI) has mandated five banks for a planned $500m refinancing loan. But bankers on the deal warn the terms could change due to uncertain market conditions.

Chinese property developer Times China Holdings used support from reverse enquiry to seal a quick $200m bond on Monday morning that has raised questions about the unusual execution style.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has closed its maiden borrowing at a bigger size of $500m, after receiving strong response during syndication.

Shandong Qingyuan Group Co, a Chinese manufacturer and distributor of petrochemical products, is in talks with lenders to delay payment on a $1bn loan sealed last September as volatile oil prices take a toll on the company’s business.

Chinese retailer Wumei Technology Group has raised a loan of over €1bn to support its acquisition of German company Metro’s Mainland business.

Debt investors are distinguishing between strong and weak risks in the oil and gas sector, as huge oversupply threatens to weigh on oil prices, already at multi-decade lows — and for the time being, market participants also expect that worries about energy won't tarnish the whole high yield market.

French aerospace and defence company Safran has set up a new €3bn loan facility.

Europe’s banks sniff opportunities amid the crisis as they look to build out their corporate broking businesses, but they will face fights to remove incumbents, writes David Rothnie.

Netflix was set to price a five year euro tranche in a $1bn-equivalent high yield bond at 3% on Thursday evening, proving there is ready market access available for companies that can demonstrate they’re coping with coronavirus. The streaming company saw record subscriber growth and broke into free cash flow territory for the first time, partly thanks its smash hit documentary Tiger King, watched by 64 million households.

GlobalCapital's Silas Brown spoke to Mathieu Chabran, co-founder of European alternative asset manager Tikehau Capital. They discussed how the relatively new private debt market in Europe will navigate its way through the pandemic, who the winners and losers will be in the asset class, and what opportunities may emerge from the dust.

Tianqi Lithium Corp’s rising debt burden since its acquisition of a stake in a Chilean mining company two years ago is causing trouble. The Chinese borrower is seeking covenant waivers and a tenor extension on part of a $3.5bn loan, raising concerns among bankers about the performance of other commodity credits amid the Covid-19 pandemic. Pan Yue reports.

Credit Suisse took a $294m hit from marking leveraged finance underwriting exposure to market in the first quarter, its results on Thursday showed, as March’s volatility and jump in credit spreads took their toll.