Loans and High Yield

Chinese corn oil manufacturer Shandong Sanxing Group Company and real estate developer Cifi Holdings (Group) Co raised a combined $500m on Tuesday, adding to the growing momentum in the Asia bond market.

Deutsche Bank has beefed up its debt origination team in Asia with the addition of an experienced loans banker.

High yield borrowers were roadshowing €3bn of mostly lower rated bonds this week. Although there is appetite for riskier paper, investors say, demand is expected to be selective.

Tom Muoio, head of European leverage finance capital markets at Jefferies, who was appointed six years ago, will be leaving the bank, as former HSBC leveraged finance director Bala Ramesh joins the team.

Guangxi Financial Investment Group Co raised $500m from its debut on Monday — a rather large amount for a sub-investment grade government-owned Chinese credit. But the deal was priced in line with comparables, despite bankers and some accounts viewing the credit differently.

China’s offshore renminbi bond market has made a strong start to the year, with two foreign issuers already selling dim sum notes. The signs for a robust 2018 are there but the market’s return to form will be contingent on more than just issuer interest.

Crédit Agricole has named Atul Sodhi as head of global debt capital markets corporates, for which he will relocate from Hong Kong to Paris.

Three Chinese issuers are seeking fresh funding from the dollar bond market on Tuesday, with one wooing accounts for a comeback deal and the other two making their debuts.

China’s Concord New Energy Group is hoping for second time lucky in the dollar bond market, opening books for a new green deal on Tuesday, about two months after a failed attempt.

A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday.

India's Tata Steel has lined up a group of 21 lenders for an up to $2.16bn six year loan, which will be launched into primary syndication in a couple of weeks, said bankers close to the deal.

Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.