Loans and High Yield

Indonesian automobile company CSM Corporatama, also known as Indorent, has wrapped up its syndicated loan at a bigger size of $175m.

The success of Indian gold financing firm Muthoot Finance’s debut dollar bond sale in 2019 spurred gold loan provider Manappuram Finance to seek funds from the international debt market on Monday.

Air France KLM has mandated banks for a five year euro bond. The appearance of an unrated issuer so early in the year is being seen as a sign of the market’s strength.

Atlantica Yield, formerly the UK-based energy yieldco Abengoa Yield, has launched a debut US private placement, which is the first US PP offering in 2020 in Europe.

Norwegian oil exploration and production company Aker BP is positioning itself as an investment grade issuer with a new dual tranche dollar mandate, with a call targeting bond buyers with IG mandates, and an unsecured issue structure. The company received its second IG rating last November.

Asian bond issuers went full speed ahead with their fundraising plans on Monday, launching new deals ahead of Chinese New Year holidays at the end of the month.

Global syndicated lending fell back in 2019 to a level similar to that in 2013-2016, in dollar terms, after two years of higher borrowing including a near-record total in 2018. The volume was the sixth highest ever, and higher than that in any year before 2006.

Struggling Spanish construction group Aldesa saw a Christmas bounce in its Caa1-rated bonds, following a December 25 takeover deal and capital injection from China Railway Construction Corporation.

Vietnamese conglomerate Vingroup Joint Stock Co and its automobile subsidiary VinFast have exercised part of a greenshoe option on their joint borrowing, boosting the loan size to $525m.

Industrial Securities (Hong Kong) Financial Holdings, Zhengzhou Zhongrui Industrial Group Co and Shandong Iron & Steel Group Co priced international bonds during the last days of 2019, capping a strong year for Asia’s debt market.

Chinese solar power operator Panda Green Energy Group has extended the deadline of a distressed exchange offer. The new note issuance will now be finalised in the same week that its $350m bond becomes due.

VPBank Finance Company, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has increased the size of its loan to $200m after seven banks joined during general syndication