Loans and High Yield

Embattled company Noble Group has secured support from shareholder Goldilocks Investment Co for its new restructuring plan. The commodities trader has promised to increase shareholders’ stakes in New Noble to 20%, and has also kicked off a strategic partnership in the Middle East.

Poultry feed producer Charoen Pokphand Indonesia is talking to the lenders on two of its offshore borrowings sealed in 2014 and 2015, to cut pricing, several bankers said this week.

A parade of deals and jumbo offerings marched through the European leveraged finance markets this week, matching a buoyant mood among investors.

Greenland Hong Kong Holdings steered through the volatility in global markets on Tuesday to nab $200m from a sub-one year bond to refinance a looming maturity.

BMC Software, the US IT firm, has revealed the loan leg of the funding for its leveraged buyout by KKR, a $4.4bn facility in dollars and euros. It is the first multi-billion leveraged loan deal for four weeks, after a battery of large offerings early in May.

International Game Technology is readying its comeback to bond issuance, seeking funding for a partial tender offer for two 2020 euro notes. Europe’s primary high yield market was back in action, too, but investors warn renewed talk of trade war between the US and China could disrupt the market.

Greenland Holding Group Co priced the first floating rate note (FRN) transaction from a Chinese high yield real estate company last Friday, finding sufficient demand to extend its maturity profile to September 2021.

Macau’s casino operator MGM China and subsidiary MGM Grand Paradise have amended and extended credit facilities signed in 2012 for the second time.

UK car parts maker TI Group Automotive Systems, owned by Bain Capital, wants out of the high yield bond market and is planning to redeem its only issue by increasing its term loans.

Five borrowers helped to contribute to a heavy deal pipeline for acquisitions and refinancings this week, as secondary spreads tightened after last week's no issuance.

Wuzhou International Holdings’ Hong Kong-listed shares and dollar bonds resumed trading on Friday after slumping heavily in late May. The reopening followed a filing from the company on Thursday evening admitting it has defaulted on some of its payment obligations.

The European Central Bank surprised some corporate bond market participants on Thursday by setting out how it expects monetary policy to evolve over the next year and a half.