Loans and High Yield

Tata Capital Housing Finance has launched a $75m debut borrowing into the market, as another subsidiary of the Tata Group also seeks a separate maiden facility.

Power Construction Corp of China has raised $800m from a dual-tranche offering that keeps senior perpetual supply from Chinese state-owned enterprises (SOEs) alive.

Green bond specialists are divided over whether proceeds of labelled green bonds can be used for operating expenditure, or whether they should mainly or entirely be used for capital expenditure.

After Monday’s partial holiday across Europe, strong market conditions gave several high yield issuers confidence to press ahead with new issues on Tuesday. These gave investors options from investment grade-style refis to M&A trades, and executions proved strong, with International Game Technology and Aker boosting the size of their trades to take advantage of the backdrop.

Danish wind farm operator European Energy has increased the size of its debut euro-denominated green bond, from the originally targeted €120m to €140m, on demand of more than €230m. The deal is one of only a handful of high yield issues to claim formal sustainability status, as ethical investment strategies gather pace in more corners of the capital markets.

China’s Zhenro Properties Group wrapped up its first attempt at issuing perpetual bonds offshore this week, selling the note with a senior-to-perp differential that was tighter than some of its higher rated peers.

The Green and Social Bond Principles’ executive committee has decided to leave the Principles unchanged this year, but is publishing three new documents on Thursday to help market participants. It also plans to launch an Advisory Council, to enable it to listen better to the concerns of the market.

Lippo Malls Indonesia Retail Trust made its debut in the dollar market on Wednesday, diversifying its investor base and achieving quite a large deal size at an attractive price.

Entertainment One, a film, TV and music group with rights to content from Peppa Pig to the Wu Tang Clan, is bringing a £425m seven year non-call three refinancing, a rare spark of life in a sterling market that has been muted so far this year.

JP Morgan has hired Patrik Czornik to lead its M&A team for Germany. Czornik used to work for the bank in the past but then joined Goldman Sachs.

Two subsidiaries of Taiwan’s Formosa Plastics Corp have closed their offshore borrowings at bigger sizes.

An order book that was more than 15 times covered allowed first-time issuer Shanghai International Port (Group) Co to not only beat its price target in the primary market, but also see its $700m bonds perform well in secondary.