Loans and High Yield

Lao Viet Joint Venture Bank is seeking its first international loan of up to $100m through sole mandated lead arranger and bookrunner Cathay United Bank.

Financial services firm INTL FCStone pulled a planned $350m senior secured high yield bond offering on Tuesday.

Central banks and international financial institutions have raised a storm over vanishing investor protection covenants in leveraged loans. But most warnings about the market have avoided assigning blame where it is richly deserved — to the private equity industry.

Nothing is scarier than the idea that your risk management is special. Deutsche should look again at its leveraged finance business.

China's Guodong Network Communications is seeking a debut loan of up to €150m ($170m) in syndication.

Oceanwide Holdings Co, a Chinese conglomerate but primarily a homebuilder, bagged a $215m bond on Monday, but not all the firms on the original syndicate team remained on the deal in the end.

The leveraged finance new issue pipeline has slowed down in Europe. Market participants pointed to weak macroeconomic data, but also the recent alarms about weak covenants.

Bonds from Chinese real estate developers were some of the worst performing in Asia last week, dragged down by the global volatility and fears around property companies’ refinancing needs.

Chinese outdoor leisure products developer Bestway Global Holding is tapping the offshore loan market for the first time for an up to $150m borrowing.

Another poor set of results from Deutsche Bank left analysts wondering if radical reforms announced earlier this year will be enough to stop the bank’s slide.

Tesla’s unsecured bond due 2025 climbed by two points in secondary trading on Wednesday and Thursday after the company reported it had made $312m of profit in the third quarter, beating market expectations.

Hainan Airlines, a unit of embattled HNA Group, offered a generous 12% coupon for its $100m notes on Wednesday, reflecting the limited appeal among investors for the Chinese credit.