Loans and High Yield

Three Chinese issuers hit the market on Tuesday with dollar deals, but each saw a very different outcome. One company sealed a successful trade, another locked up a private placement style bond, while the third was forced to pull its transaction.

Chinese local government financing vehicles (LGFV) Huzhou City Investment Development Group Co and Urumqi Gaoxin Investment and Development Group Co hit the market with dollar deals on Wednesday.

This week, bankers and investors in the European high yield market sounded a message of confidence to potential issuers of bonds with triple-C ratings, even after BMC cancelled one such deal.

China New Higher Education Group is making its debut in the international syndicated loan market with a HK$1.5bn ($192m) financing.

Three Chinese issuers hit the debt market on Tuesday, launching dollar deals. While the pace of new issuance is beginning to slow down, there appears to be no end in sight for the primary bond market.

China Huiyuan Juice Group is in the loan syndications market for a €160m three year deal — its second fundraising this year.

Inter Media and Communication, the operator of FC Milan’s broadcast and sponsorship business, was out with its first high yield bond offering this week. Debutants have increased their presence in the market since June.

M&G Investments has hired Oliver Wilson as head of asset-based lending in its six-person direct lending team, headed by James Pearce.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is understood to be lining up a $150m-$200m borrowing in the international syndicated loan market.

Chinese firms Shandong Hi-Speed Group Co (SDHS) and Suzhou Dongshan Precision Manufacturing Co have laid out plans for their respective international bonds.

Public Financial Holdings has returned to the Hong Kong dollar loan market for a HK$1.1bn ($141m) refinancing.

BMC Software has shrunk its triple-C rated high yield bond issue from €380m to €250m as demand proves hard to come by. But Burger King France has managed to price its offering at the tight end of the range, though with an adjustment to the tranching.