Loans and High Yield
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Banks have been hiring staff to help financial sponsors hunt jumbo take-private deals as opportunities dry up elsewhere, writes David Rothnie. -
The National Development and Reform Commission (NDRC), China’s offshore debt regulator, has denied considering a ban on bonds with maturities of under one year, giving the market some relief. But confusion and worry remain, writes Addison Gong.
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An event of default has occurred on Hong Kong-listed Wuzhou International Holdings’ $300m bond, after the company failed to make principal payments of Rmb1.002bn ($151m) on its onshore loans.
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Richard Gathercole has been appointed as a director in high yield sales at NatWest Markets, the capital markets division of Royal Bank of Scotland, where he has had several roles in speculative grade and distressed debt since 2007.
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Investors have squeezed better terms out of Mehiläinen, the Finnish healthcare group seeking a €1bn loan to finance its acquisition by CVC.
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Property firm Greentown China Holdings has closed an $800m borrowing after attracting 17 lenders during syndication, according to a company filing.
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Asia’s primary bond market has been deathly silent this week, slammed shut by a pair of public holidays and a gun-shy investor base. But borrowers continue to wait on the sidelines, ready to jump at any chance they can get.
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A huge push is on to get capital markets to face up to climate change and start pricing in the risks. But there is a paradox: the more they get priced in, the harder it will get for those most vulnerable.
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French alternative asset manager Tikehau Capital has hired Lorcan Kinsella for its loan trading team, as it expands its leveraged debt business.
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TVS Logistics has attracted eight participants during the syndication of its latest dual-currency borrowing.
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The National Development and Reform Commission (NDRC), China’s offshore bond regulator, has described media reports claiming it would ban bonds with maturities of under one-year as “groundless”.
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French car parts distributor Autodis announced an add-on of its only floating rate bond on Monday, amid higher average high yield funding costs but with investors confident that the market can cope.
