Loans and High Yield

Fosun International, China Grand Automotive Services and China Molybdenum Co rushed out to the offshore bond market on Monday, helping kick-start a rush of issuance before Chinese New Year.

There was a wall of supply from Chinese property companies at the start of the week. Road King Infrastructure and Yuzhou Properties brought a pair of callable four year bonds, but Jingrui Holdings and Fantasia Holdings Group both stuck to the very short-end of the curve.

Goldman Sachs and BNP Paribas priced a deal for auto parts maker Parts Europe, formerly Autodis, on Thursday, funding the issuer’s November purchase of Oscaro.

Greentown China Holdings raised $400m from a perpetual bond sale on the back of an impressive $5.6bn order book, as investors rushed into the deal for its pricing and structure.

Singapore’s Interplex Holdings has returned for a $400m five year loan to refinance a 2016 borrowing that supported its acquisition by Baring Private Equity Asia.

Bank of China’s Hong Kong-based debt syndicate head Sebastian Ha is leaving the firm next month.

Leveraged loan bankers in Europe speak of a growing pipeline, but the only deal priced this week was a small loan extension from Wittur, the German maker of lift parts.

Logistics real estate developer ESR Cayman turned to the Singapore dollar market this week to bring down its cost of funding, adding S$150m ($110m) to its coffers.

NWS Holdings and Sino-Ocean Group Holding received more than $4bn in orders for their respective bond outings, with their deals in hot demand both in primary and secondary markets.

Chinese drug developer Luye Pharma Group has closed a $300m loan after a five-month syndication.

Sixteen European industrial companies have formed the Corporate Forum on Sustainable Finance, to grant themselves a stronger voice in the green bond market and promote the use of sustainable finance products.

The volume of corporate bonds with triple-B ratings, and vulnerable to downgrades into high yield, is at its highest in history. But while the US market fears the prospect of fallen angels, Europe appears to see advantages.