Loans and High Yield

Investment grade companies are rushing to Europe's bond market in the last major issuing window of the year, but fatigue is setting in and investors are expected to start kicking back on large spread movements during execution.

Three bankers have recently joined Natixis’s telecom industry group. Two are in Paris and one is in Singapore.

The price on Tunghsu Group’s only dollar bond has plunged by more than 20 points in the secondary market, following missed payments in onshore China by a key subsidiary. Addison Gong reports.

Industrial and Commercial Bank of China will pay an upcoming dollar bond coupon on behalf of cash-strapped Tewoo Group, honouring a standby letter of credit (SBLC) it provided for a $500m deal sold by the commodities company two years ago.

Industrials company Mytilineos is trekking around Europe, marketing half a billion euros of senior notes. This marks the first time the Greek conglomerate tries to tempt international high yield investors, possibly signalling growing global ambitions.

UK TV production company All3Media followed French insurance broker April in attempting to improve pricing on a loan signed just six months earlier, opportunistically looking to lock in a tighter margin before the market closes for the year.

Ford Motor Credit Company mandated banks on Tuesday to lead a new Australian dollar deal, its first since 2016.

Shaanxi Xixian New Area Fengxi New City Development and Construction (Group) Co, a lower-tier Chinese local government financing vehicle (LGFV), has raised $120m in the bond market ahead of a December maturity.

Chinese property company Agile Group Holdings wrapped up its bond issuance for the year on Monday, raising $200m from its fourth deal of 2019.

Chinese dollar bond defaulter Huachen Energy missed another coupon this week, after two late interest payments in November 2018 and May this year as a result of a liquidity crisis at its onshore parent, Wintime Energy.

EQT Credit has become the largest shareholder in former Charterhouse portfolio company Bartec, injecting €80m of new money alongside other creditors as part of the restructuring of €280m of debt at the Austrian explosion protection specialist — its second restructuring in three years.

Struggling car manufacturer Jaguar Land Rover raised €800m from a dual-tranche bond this week, pricing both parts at the tight end of guidance despite an uncertain outlook for the UK auto sector and a deal structure described as "high-yield lite" by one credit analytics company.