Loans and High Yield

Ellaktor is looking to tempt international investors with a carefully designed green bond that excludes a shaky construction business. The Greek company is looking to replace most of its long-term capital structure, currently heavy on local bank loans.

Dollar bond defaulter China Singyes Solar Technologies Holdings has won the backing of a Chinese state-owned company, raising funds from its new parent to fund a debt restructuring plan.

The price on GCL New Energy Holdings’ outstanding dollar bond has recovered from its lowest level since issuance, despite a double downgrade from the ratings agencies last week.

Chinese local government financing vehicle (LGFV) Weifang Binhai Investment Development Co made its debut in the dollar market last Friday with a 363 day bond.

Philippine brandy making company Emperador has closed a €405m borrowing with 13 lenders in the syndicate.

The mandatory buy-in regime under the EU’s regulation for central securities depositories (CSDR) is expected to cause bid-ask spreads across bond markets to widen significantly, according to a warning from the International Capital Markets Association. The lobby group would like the rules changed.

Central bank money is flooding into bonds, making the European high yield market a bizarre place where a double-B rated issuer can pay a coupons of less than 1%. That is attracting first-time issuers with risky, opaque businesses who are getting away with offering scant investor protection.

Amid signs of progress, BNP Paribas faces challenges to deliver on its radical transformation plan, writes David Rothnie.

A number of untested European companies have made their entrance to the international high yield bond market in the past two weeks as central banks fuel conditions that pamper repeat and new issuers alike, while driving investors into ever riskier assets in a hunt for yield. Karoliina Liimatainen reports.

HDB Financial Services, an Indian non-banking financial company under HDFC Bank, has launched its maiden $300m international loan into syndication.

Dalian Wanda Commercial Management Group Co, a subsidiary of Chinese conglomerate Dalian Wanda Group, raised a larger-than-expected $400m bond at a premium, amid media spotlight onshore on a member of the family that owns the firm.

Two local government financing vehicles (LGFVs) from the Zhejiang province, Shaoxing Shangyu State-owned Capital Investment and Operation Co and Hangzhou Linjiang Investment Development Co, priced their inaugural dollar bonds this week.