Loans and High Yield

Universal Scientific Industrial (Shanghai), a subsidiary of Taiwan’s Advanced Semiconductor Engineering, has increased its debut offshore borrowing to $420m-equivalent.

Meinian Onehealth Healthcare Holdings Co’s only offshore bond rocketed in the secondary market after Chinese technology giant Alibaba Group Holding became its second largest shareholder.

French car parts supplier Faurecia dipped into the bond markets again as it prepares to take over full control of its joint venture with Continental. It is adding €250m of senior notes to the €500m of 2026 notes it issued in the spring.

New World Development Co reopened a perpetual bond from earlier this year that came with an aggressive fixed-for-life structure. It raised an additional $400m ahead of yet another widely-anticipated Federal Reserve interest rate cut this week.

Lenders have until Friday to respond to an amendment and extension of Tsinghua Unigroup’s two old borrowings from 2017. The banks were given just two weeks to respond.

Shanghai Pudong Development Bank Co priced a $300m floating rate note (FRN) at just a marginal premium over the curve of the big four Chinese lenders.

Streaming giant Netflix sold a $2.2bn 10.5-year bond euros and dollars this week, as it prepares to battle Disney and Apple for content. The unsecured senior notes come with a non-call life clause, offered to investors as a carrot, which helped get the deal size up from the announced $2bn issue.

Deutsche Bank is relying on a tight team of loyalists to revive its corporate finance ambitions, writes David Rothnie.

JP Morgan changes line-up for energy and utilities, multi-nationals, UK ECM and UK M&A — UniCredit swaps out CEE investment bank head — Pigasse exits Lazard

Moody’s downgraded the corporate rating of overleveraged French supermarket group Casino Guichard-Perrachon during a crucial refinancing. The group is already offering a generous spread on its new term loan, which it has to execute in order to unlock up to €2bn of revolving bank debt.

Vietnamese companies are increasingly turning to the offshore loan market, providing bankers with relief amid a wider slowdown in Asia. Pan Yue reports.

Chinese state-owned commodity chemicals producer Shanghai Huayi (Group) Co has sold an almost 10 times covered five year bond, while Yuzhou Properties Co raised $500m to fund a tender offer. Two local government financing vehicles also made their offshore debuts.