Loans and High Yield

HSBC is looking for a new head of corporate finance coverage to replace Matthew Wallace, who is quitting the firm. Meanwhile, Simon Derrick and Michael Ellam have been handed new jobs as the bank reorganises the way it covers investors and public sector institutions. In Asia Pacific, Rami Hayek is leaving his post.

Green bond volumes reached a record level in 2019 and market participants think the sector is poised for another blow-out year. Korea South-East Power Co (Kosep) and ReNew Power Private gave a further boost to Asia’s growing green bond market this week, selling $750m of notes between them. Morgan Davis reports.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is making its second attempt to raise a syndicated loan, after pulling a deal in 2017. It is one of several Vietnamese borrowers now planning a debut in the international market, reports Pan Yue.

Hengda Real Estate Group Co, a subsidiary of China Evergrande Group, raised $4bn across two tranches on Tuesday, just days after Evergrande nabbed $2bn from another bond sale.

UK flooring company Victoria issued a €170m add-on to its €330m of outstanding 5.25% senior secured notes, due in 2024. The royal carpet maker successfully issued its debut bond last summer after failing at the first attempt in 2018 in a horribly timed launch.

Altice France has jumped into one of the busiest weeks on record for European leveraged loans and high yield issuance, announcing €2.1bn of bonds, alongside an exchange designed to simplify the group’s capital structure.

Leveraged credit is firing on all cylinders. The best issuers are breaking coupon and margin records and there are bold dividend deals and major league new money LBOs.

Korea South-East Power Co (Kosep) and ReNew Power Private gave a further boost to the growing green bond market on Tuesday.

Three companies from the Greater China region sealed bonds on Tuesday, likely to be the last batch of issuers to tap the debt market before the Chinese New Year break begins. No Asian borrowers launched dollar deals on Wednesday.

BFI Finance Indonesia, which provides funding for automobiles, heavy equipment and properties, has returned to the loan market for a $75m borrowing.

Empark, a Spanish car parking firm owned by a Macquarie infrastructure fund, is issuing a high yield bond to fund a dividend and refinance existing bonds.

UBS’s investment bank spent around $80m from restructuring related to personnel at the end of last year. The Swiss bank has also said it will look into partnerships with other banks for its investment bank.