Loans and High Yield

Seven of the eight benchmark investment grade corporate bonds to have been priced in euros in the last fortnight have been from utilities. And longer dated utility bonds were also among the best performers in the third quarter.

Four Chinese corporations priced a total of $1.175bn of bonds on Tuesday, the day before the start of the Communist Party’s five-yearly congress.

There has been a change in leadership of the loan syndications department at China Minsheng Bank in Hong Kong, according to sources close to the matter.

Danske Bank has hired a new director for its loan syndications team in London, who was previously a vice-president on ING.

CMA CGM, the French container liner, priced its first bond issue on Tuesday after improving on its triple-C ratings. Investor demand was enough for the issuer to double the size of the deal.

Jiangsu Nantong Sanjian Construction Group Co (JNTC) has named banks to run its first dollar bond transaction. Separately, Chinese privately-owned company Yihua Enterprises (Group) Co has sealed its maiden international deal, raising $250m on Monday.

Shandong Marine Group is marketing its inaugural international Reg S bond, while LVGEM (China) Real Estate Investment Company reopened its 2020s priced two months ago to fund new property projects.

Chinese commodity trader Tewoo Group and retail chain operator Maoye International Holdings are in the market with bonds of less than a year, getting ahead of the Chinese Communist Party’s National Congress meeting that will kick off from Wednesday.

Malaysia’s Press Metal Aluminium Holdings has mandated banks for its maiden foray into the dollar bond market.

French shipping group CMA CGM will launch a sub-benchmark sized bond on Tuesday, a week after S&P Global upgraded the rating of its unsecured note issuance from CCC+ to B-, bringing it into line with Moody's B3 rating.

UK-based private equity firm 3i has made its first investment in the US infrastructure sector, it said on Monday. It has acquired Minnesota’s Smarte Carte, an equipment vendor for the travel and leisure industry.

Beijing-headquartered Elion Resources Group Co will sell an international bond for the first time, having mandated the joint leads to work on an Asian roadshow and the proposed issuance.