Loans and High Yield

Zhenro Properties Group bagged $200m from a short-dated bond on Tuesday — being strategic with its choice of a 363-day tenor, while also finding an opportunistic issuance window on a day market sentiment was on a high.

While leveraged market participants expect loans to maintain their lead over fixed income in volume terms, some underwriters and lawyers believe market fatigue is beginning to make borrowers turn their attention to high yield bonds again.

First it was a pair of car finance issuers. Then came a pair of utilities. And on Tuesday it was a pair of telecoms companies that came to the corporate bond market. But the latest couple really got investors revved up with more than €16.5bn of orders placed.

Seazen Holdings, previously known as Future Land Holdings, and Powerlong Real Estate raised $500m between them on Monday for near-term refinancing, with positive market sentiment allowing them to price their bonds tightly.

A handful of outbound M&A deals announced in the second half of 2018 have given leveraged and acquisition finance bankers hopes for a rebound in action this year. But with many roadblocks ahead, being "cautiously optimistic" will be critical.

The Association for Financial Markets in Europe will host a special meeting of its high yield bond division on Wednesday, sources have told GlobalCapital, in an effort to woo back disgruntled investors.

Danske Bank has hired DNB Markets’ JoJo Thirasilpa as a managing director in leveraged finance.

Hong Kong Airlines is set to provide the year’s first test case of the strength of the Asian debt market as investors lose faith in the carrier’s ability to repay a $550m bond due in just over two weeks.

China Aoyuan Group stayed a step ahead of its property peers by raising a comfortable $275m from a tap of its 2021 notes on Thursday, one of two dollar bonds to be priced in Asia so far in the new year.

Guangzhou R&F Properties Co started the new year by tackling its upcoming bond maturity head on, selling a $500m note on Thursday to refinance a February deal.

VPBank Finance has made a quick comeback to the international syndications market for a $130m borrowing with a short one year tenor.

The central bank of Laos is seeking a $100m loan through Taipei Fubon Bank, while simultaneously syndicating another deal of the same size via Cathay United Bank.