Loans and High Yield

Times Property Holdings sealed a $300m deal on Wednesday in a market that continued to prove difficult, while Orient Securities raised $500m from a 2022 bond to keep its investor base alive.

Yankuang Group Company has become the only issuer from Asia ex-Japan to venture into the dollar market on Thursday, a US holiday for Thanksgiving. But many other Chinese issuers are waiting in the wings, with a flurry of mandates announced.

Dutch polymer and resins group ChemicaInvest increased the size of its loan deal at the tight end of guidance on Wednesday, as it repriced its old debt and paid a dividend to its sponsors CVC and DSM.

Corporate bond investors are developing their views for 2018, particularly as new issuance looks set to peter out for the year. There may be only a week or two left of active primary markets, and this week has been shortened by Thursday’s Thanksgiving holiday in the US.

Indonesian toll-road operator Jasa Marga has mandated banks for a much anticipated inaugural offshore rupiah bond sale.

Universal Medical Financial & Technical Advisory Services has doubled its debut financing to $600m, with 13 banks joining in general syndication.

Investment grade issuers China State Construction International Holdings and Shenzhen International Holdings raised $800m and $300m, respectively, on Tuesday. But their bonds struggled to perform in secondary due to lingering softness in the market.

The barrage of Chinese debt issuers in the dollar market continued on Wednesday as four issuers ventured out with new bonds.

Dividend recapitalisation deals, like Ten Cate’s new €125m term loan, launched on Tuesday, are on the rise. The technique, considered aggressive by leveraged loan investors, is nevertheless becoming more common and accepted in the present issuer's market.

European high yield primary action resumed with Heide Raffinerie on Tuesday. As a first time issuer from an industry that makes up only a small portion of the market, the deal will test conditions after recent volatility, said sources.

The year-end bond rush is upon us, with a number of issuers from China, India and South Korea mandating banks on Tuesday for their planned dollar bonds.

Banks running dollar deals for Philippine homebuilder Vista Land & Lifescapes and Indonesian energy company ABM Investama steered the transactions to success on Monday despite a shaky market for high yield credits.