Loans and High Yield

Sichuan Languang Development made a quick return to the market on Thursday, tapping bonds it sold in April in what was its fourth outing since debuting in the dollar market last September.

Buyers of credit default swap protection on bonds issued by Rallye, the holding company of French supermarket chain Casino, will find out on Friday how their positions might be settled, reports Owen Sanderson.

Bayport, the Mauritius-based microfinance company, issued the first African ESG bond outside the supranational sector, printing a $260m three year at 11.5% on Wednesday, and obtaining a social bond second opinion from Sustainalytics, at the suggestion of arranger DNB Markets.

Bigger is not always better. Just ask Huarong Asset Management, which appointed 30 banks to manage a deal that caused headaches for bankers and investors alike.

Agile Group Holdings raised $600m from its latest perpetual bond sale on Monday. But the execution of the transaction came under fire from bankers away from the deal, and those on the trade admitted that things did not go as planned.

European elections, which produced relief in much of Europe and some horror in the UK, have not fazed corporate bond markets. But they may have caused this week's dearth of issuance. Illinois Tool Works' three trancher on Wednesday may be the only fruit. But investors' diaries are filling up with roadshow dates.

Delhi International Airport (Dial) offered investors a rare 10 year high yield bond on Tuesday, securing the company $350m from a more than six times subscribed order book.

Chainwin Animal Technology, a subsidiary of Taiwan’s Win Semiconductors, is looking to raise up to $200m in the offshore loan market.

Agile Group Holdings raised $600m from its latest issue on Monday, only for its notes fall in the secondary market on Tuesday.

The second Mongolian issuer in as many weeks was forced to postpone a dollar deal last Thursday. But the failed trades are not indicative of the greater market in Mongolia, as three of the country’s dollar bonds were among the top performers in high yield last week.

India’s Mahindra & Mahindra Financial Services has launched its first offshore loan through three banks.

Tata Motors Finance, a subsidiary of India’s Tata Motors, is tapping the offshore market for the first time as it looks to close on a $60m facility.