Loans and High Yield

UK-based active fund manager Artemis has launched a short end high yield fund, to be managed by David Ennett and Stephen Baines.

Cielo, the largest merchant acquiring and payment processing company in Brazil, on Friday wrapped up a consent solicitation and bond buy-back for its global 2022s that will effectively split the note in two.

SriLankan Airlines made a triumphant return to the dollar market on Thursday, pricing a $175m bond on the back of a $1bn order book.

Malaysia’s utilities and infrastructure company Malakoff Corp has launched a A$140m ($96.8m) refinancing loan into general syndication.

Chinese local government financing vehicles (LGFVs) and property developers took advantage of positive sentiment after dovish comments from the Federal Reserve to flood the offshore market with bonds.

Chinese real estate developer Country Garden has returned to the loan market, seeking $1bn from a deal helmed by six banks.

Vue International’s revamped refinancing let the credits roll in, delivering a far better performance than the original showing last year, thanks to part-owner Omers injecting £165m of subordinated debt, strong market conditions, and a successful six months for the cinema chain.

Norwegian oilfield services firm Petroleum Geo Services has pulled its planned refinancing, citing "increased volatility in the capital markets" and "weaker investor sentiment towards oil field service".

United Group has launched a €200m add-on to finance its acquisition of Tele2 Croatia.

Iceberg Research, a short-selling research house which has published extensively on Noble Group, has turned its attention to Trafigura, claiming the commodities trading group has overvalued subordinated debt related to a Brazilian port it owns. Trafigura's bonds were down around two points on Thursday, just as bondholders in Nyrstar, a company it rescued, prepare to get paid out in new bonds issued by the commodity trader.

China’s recent measures to curb local government debt by restricting new offshore issuance from their financing vehicles led to one of the busiest weeks for the sector, as companies raced to beat the June 30 deadline when their regulatory quotas expire, writes Addison Gong.

Tata Capital Housing Finance has joined a growing number of India’s non-banking financial companies (NBFCs) tapping the offshore loan market to take advantage of cheaper funding.