Loans and High Yield

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.

Aircraft leasing and aviation services company Avia Solutions Group became the latest debutant in the European high yield bond market on Tuesday. Central bank monetary policy has eased the path for a number of debuts in the last couple of weeks.

Europe's high grade corporate bond investors are welcoming the break in issuance expected in the second half this week, after a flurry of trades across the size and maturity spectrum on Monday and Tuesday made some sizeable demands on their credit lines so late in the year.

Macau casino operator Melco Resorts & Entertainment, Philippine power company AC Energy and a local government financing vehicle from Jiangxi were among the crop of issuers to hit the bond market on Tuesday.

Beauty-focused e-commerce company The Hut Group (THG) is building up its war chest with a £510m-equivalent Term Loan B issue. The fully underwritten issue will test the investors’ interest in the sprawling, privately-held company with ambitions in both online stores and tech services, with risky side trips to real estate.

Zhongrong Xinda Group, based in China’s Shangdong province, has been downgraded to CCC- for rising bond refinancing risk. The company is one of a number of firms from the same province facing financial pressure.

Swedish heating and ventilation service provider Assemblin is braving the euro-denominated high yield market for the first time with €250m bond issue, used for refinancing and dividends. Exceptionally favourable conditions lured Triton-backed Assemblin to try its hand with international investors.

DNB Markets has hired a banker from UniCredit to join its leveraged finance team in London.

German family-owned tissue and toilet paper manufacturer Wepa is marketing €550m of senior secured notes with an intention to extend maturities and slash interest expenses. It is following a number of other double-B issuers in to the market.

Francesco Bertocchini has joined Nomura from UBI Banca as a managing director for Italy.

Troubled Chinese commodities trader Tewoo Group has revealed its plan to exchange or purchase for cash $1.25bn of outstanding offshore bonds, just days after getting funds from Industrial and Commercial Bank of China (ICBC) to make an imminent coupon payment.