Loans and High Yield

Far East Consortium International (FEC) is returning to the dollar bond market, dishing out a new 5.5 year transaction on Monday.

China's embattled HNA Group Co returned to the bond market with a $300m deal on Thursday. But the company was forced to stomach a sharp increase in its funding costs.

Indonesian power house Indika Energy sealed a $575m bond on Thursday, weeks after securing a consent offer from its existing investors. With its new funds, the company will be able to close its recent acquisition of Kideco Jaya Agung.

China Eastern Airlines Corp has named banks to lead its first Singapore dollar bond, with a roadshow being held next week.

Macquarie has led a £1.3bn ($1.7bn) secured financing in the direct lending market for the acquisition of a 50% stake in a UK offshore wind farm, the Walney Extension, taking £500m of the issue itself.

Investment boutique Green Ash became the newest player in the corporate high yield market this week, with its short dated speculative grade bond strategy set to include a large allocation to UK credit.

Several Chinese borrowers have hit the loan market for two year money in recent months, in contrast to more established firms from the mainland which are pushing out tenors on their borrowings. While typically banks and borrowers prefer to lock in longer-term loans, for some the nature of the business and the lenders’ unfamiliarity with the company necessitates a shorter life to mitigate risks.

Property giant China Vanke Co and HNA Group Co came to the market on Thursday with dollar bonds, taking vastly different approaches. Vanke opted for a tenor of 10 years, but HNA kept it ultra-short.

ANZ has promoted Chris Raciti, a senior loans banker who looked after North Asia, to CEO of its Korean arm, the bank said in a press release on Wednesday.

Indonesian power producer Indika Energy launched a dollar bond on Thursday, turning to investors more than a month after a roadshow for the proposed transaction.

NGA UK, the provider of human resources software, launched a €300m loan on Wednesday, which it will be hoping appeals to CLO managers that have been eager for new money deals.

Corporate bond investors in Europe are hoping for a fruitful November, after October proved rather barren for new deals. But with holidays in several countries this week and central bank meetings in the UK and US, November has started slowly.