Loans and High Yield

The return of retail inflows into the supply starved US high yield bond market has created strong conditions for borrowers so far this year. On Tuesday, energy issuers were the main beneficiaries of the supply-demand imbalance.

Investcorp has hired Phil Yeates as managing director and head of European credit funds, after he had spent 24 years at Rothschild.

The list of European leveraged loan deals for January is rapidly growing, with multi-billion offerings in euros, sterling and dollars as borrowers seek low margins. But some buyers believe the market is becoming too hot, too fast.

Trans Media Corpora, the TV broadcasting arm of Indonesian conglomerate CT Corp, is due to launch a new borrowing into general syndication soon, according to two bankers working on the transaction.

Power Construction Corporation of China (PowerChina), Bank of Shanghai subsidiary BOSC International Company and financial services firm Guangxi Financial Investment Group Co are testing investor appetite for new bonds.

Vietnamese state-owned VietinBank is back in the loan market with a $100m fundraising, this time with one lender at the helm.

Property companies Country Garden Holdings Co (CoGard), Times Property Holdings, Tahoe Group Co and Wharf Real Estate Investment Company hit the dollar debt market in force on Tuesday.

The passage of the US tax reform bill has helped US high yield spreads contract to their tightest level in ten years in the first two weeks of the year, drawing in borrowers to refinance existing debt and push out their maturity profiles.

India’s real estate firm Mangla Group has joined with a Catalonian pro-independence business lobby, Cercle Català de Negocis (CCN), to establish a new property-backed direct lending fund aimed at businesses in Catalonia and the Balearic islands.

Singapore’s Puma Energy Holdings began speaking with investors on Monday ahead of a new dollar bond issuance that will redeem its existing 2021s.

Chinese state-owned coal miner Yankuang Group Company wrapped up the first week of 2018 with a quick tap of its debut bond, raising $300m on Friday.

Country Garden Holdings Company (CoGard) and SEA Holdings are planning their comebacks to the offshore debt market, while Wharf Real Estate Investment Co is set to test its luck with accounts for the first time.