Loans and High Yield

Sprawling e-commerce company The Hut Group completed a €600m term loan 'B' deal on Tuesday, changing its capital structure. The privately held company — touted as one of the few UK tech unicorns — has expansion ambitions in both online stores and web services, but is also making risky excursions into real estate.

Dongying Fangyuan Nonferrous Metals and Dongying Lufang Metals Material have returned to the offshore market for a new $300m loan.

Indian non-banking financial companies will be forced to wean off from their reliance on the rupee bond market and tap international investors next year amid a liquidity crunch onshore. But with buyers becoming increasingly selective on the kinds of NBFCs they will buy, borrowers should be prepared to pay up.

Three Chinese banks have provided Jiangxi Copper Company with a $700m loan to support its acquisition of Canada’s First Quantum Minerals (FQM).

Singapore property developer Hoi Hup Realty has received its debut green loan of S$332.5m ($244.5m), which it will use to partially finance its acquisition of a hotel in the southeast Asian country.

Fear of an onshore default by a Chinese local government financing vehicle (LGFV) led to a sell-off in the dollar bond market on Monday. But after news emerged of a government rescue of the company, both the primary and secondary markets quickly recovered.

Health and Happiness International Holdings, a China-based supplier of paediatric nutritional and baby care products, has increased the size of its loan to $675m on strong demand.

Another packaging company is hunting for better financing terms in the issuer-friendly European high yield bond market. Berry Global follows companies such as Crown, Ball, Smurfit Kappa, Owen-Illinois and Ardagh with an ambitious refinancing that could be priced as early as Thursday — the day of the UK general election.

India’s Aditya Birla Finance (ABF) has closed its second offshore borrowing this year with three lenders.

Months after failing to repay both renminbi and dollar bonds, Haikou Meilan International Airport has now confirmed the non-payment, adding to the spate of recent defaults from Chinese issuers.

Chinese real estate firms Seazen Holdings Co and China South City Holdings both came to the dollar bond market this week, making use of a narrowing window for issuance before the year ends.

Malaysian energy services group Serba Dinamik International faced an uphill battle on Thursday when it courted investors for a new bond.