Loans and High Yield

China Huarong Financial Leasing Co and two local government financing vehicles (LGFVs) based in the coastal province of Jiangsu came to the offshore bond market to raise $300m each.

Streaming giant Netflix is in the market for $2bn with a 10.5-year bond issue split between euros and dollars. The unsecured senior notes come with a non-call life clause, offered to investors as a carrot.

Private equity-backed single-Bs are hitting the high yield market with a rapid-fire of refinancings. Evoca, Recordati and Schoeller Allibert priced successfully on Friday.

Matthieu Pigasse, one of France’s most famous bankers, is leaving Lazard for a new project.

VPBank Finance has made a quick comeback to the offshore loan market, seeking its third deal this year.

Ronshine China Holdings added $120m to its coffers on Friday after a tap of its $300m 2023 notes, using up the last of its offshore issuance quota.

Shandong Ruyi Technology Group Co’s outstanding $345m bond, which is only two months from maturity, jumped by over 10 points in the secondary market last week. The move was a response to the company's attempts to improve its liquidity position, including through the announcement of a tie-up with a government-owned entity.

German home improvement and garden supplies chain Hornbach issued €250m of senior unsecured notes on Thursday, for a coupon of just 3.25%. While the retail sector in general makes investors wary and Germany is lurching towards recession, investors showed confidence in the home improvement market.

Health and Happiness International Holdings, Yibin Emerging Industry Investment Group Co and CCB International were among those which priced dollar bonds on Thursday.

Vietnamese conglomerate Vingroup Joint Stock Company and its automobile subsidiary VinFast have returned to the loan market, seeking a total of $500m in senior syndication.

The next economic downturn will be much more severe than the last financial crisis because firms have twice as much outstanding debt as they did in 2008, said a leading academic this week.

Nomura’s Cicchine heads for Deutsche — Macquarie finds head for new lending group — Citi promotes ECM bankers.