Loans and High Yield

HSBC has appointed Borja Azpilicueta as global head of its sponsors, sovereign wealth fund and institutional private clients, replacing Alexis Maskell, who left for Citi earlier this year.

The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.

Cambodian casino operator NagaCorp clinched a $300m debut bond on Monday. But the gaming company’s notes looked cheap compared to other industry names in Macau, causing the yield to drop significantly in secondary trading on Tuesday.

A rare floating rate note from Peking University Founder Group on Monday stood out in a busy market, raising the question of whether the format can become popular among corporations.

Indian company TVS Logistics Services wants to increase a loan that it launched in November.

A senior member of HSBC’s EMEA leveraged finance team has left the bank, according to sources.

Universal Medical Financial & Technical Advisory Services Co is making a quick return to the offshore loan market, six months after sealing a borrowing of around $600m.

Bank of America Merrill Lynch dropped its issuance forecast for this year by $20bn on Monday, in the middle of what is usually the busiest month in the primary market calendar for US high yield bonds.

Texan chemicals group Kraton opened up the European high yield deal pipeline this week with a debut deal that will help refinance a dollar bond. The firm is also topping up a US loan as it looks to cut its borrowing costs.

Peking University Founder Group, Industrial and Commercial Bank of China and BOC Aviation came out with floating rate deals on Monday as the format continues to find favour among investors.

Chinese telecommunication company ZTE, which is asking for a covenant waiver on a $450m loan, is set to get some relief after US president Donald Trump said he would work with China to get the company back to business soon.

Birla Carbon, part of Indian conglomerate Aditya Birla Group, is targeting its relationship banks for the senior syndication of a $1.2bn borrowing.