Loans and High Yield

Taiwan’s Mei Ta Industries has returned to the offshore market after three years for a €220m ($254m) dual tranche borrowing.

The advance of global warming, highlighted by the Intergovernmental Panel on Climate Change’s report this week, not only demands that the private sector accelerate efforts to cut carbon emissions. Companies must also adapt to the changing climate – and this will involve interacting in new ways, experts say.

Irish boutique investment bank Rubicon Infrastructure Advisors has hired two bankers with over 40 years of experience to expand its business into the UK.

Asia International School (AISL) is tapping the offshore market for a debut loan of up to $180m.

Milanese pharmaceutical firm Recordati was out with its CVC buyout funding this week — a €1.3bn bond, in a European high yield market that has mostly ignored Italy’s political fights. But on Thursday, volatility went global and investors started pressing for concessions. Recordati went ahead regardless, and priced on guidance.

Vietnam’s Vinfast Trading and Production has raised a $950m guaranteed term loan to help it buy machinery and equipment from nine German suppliers.

China Fortune Land Development Co added $70m to its existing 2020 bonds in a quick tap this week.

Pledges by leading banks to pull back from financing “dirty” projects such as coal will be meaningless unless governments step in with regulations to prevent other investors taking their place, a senior banker has said.

Oil companies Saudi Aramco and Total signed an engineering and design contract on Monday to build a $9bn petrochemical complex on Saudi Arabia’s east coast.

Global fintech M&A has surged by more than a quarter year-on-year by value, as consolidation grips the upper echelons of the market and lenders prepare for a swathe of financing requests. Michael Turner reports.

Hong Kong-listed Logan Property is making a quick return to the offshore loan market for a HK$1.2bn ($153m) borrowing, six months after sealing a HK$900m deal in April.

Investors in speculative grade debt are joining the discussion about the potential conflict over fiscal policies between Italy and the European Commission. But the leveraged finance markets are still keeping busy.