Loans and High Yield

Oceanwide Holdings International and Metallurgical Corporation of China (MCC) snagged investors on Monday for their new bonds, with the former going for a 363-day deal despite having regulatory quota for a longer transaction, while the latter capitalised on strong demand for its recent trade to bag $500m from a tap.

Tuesday is yet another busy day for China DCM, with Bright Food (Group) Co, Greentown China Holdings and Central China Real Estate in the market for bonds, while China Railway Group is set to meet accounts for its return to the international debt market.

An executive director in the loan syndicate and distribution team at Standard Chartered has left the bank, according to two sources.

Private equity firm CVC has taken to the leveraged loan market to fund the acquisition of IT systems company QA Group, encouraged by the lower borrowing costs on loans than high yield bonds.

With a dearth of emerging market bond supply defining the start of the week, it was left to high yield issuers to provide something for EM investors to get their teeth into as United Group, a cable operator in Eastern Europe, became one of five HY mandate announcements announcements on Monday.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has allocated its $100m loan among nine lenders, with three Indian banks collectively taking half the deal.

A special purpose vehicle under India’s Greenko Energy Holdings is ready to market a dollar green bond, while Hong Kong’s Castle Peak Power Company is looking to sell what it is calling an energy transition bond.

Four lenders launched a $200m loan for Indonesian company Adira Dinamika Multi Finance into general syndication at the end of last week, according to a banker.

Oceanwide Holdings International is joining the rush of issuers selling bonds with tenors of less than one year, marketing a 363-day Reg S transaction to refinance debt.

Greentown China Holdings and ENN Energy Holdings are courting investors for new dollar deals this week.

The engines of sterling high yield issuance sound louder every week, with luxury carmaker McLaren and RAC Insurance adding supply to the already burgeoning sterling high yield bond market.

Hapag-Lloyd, the German container shipping group, on Tuesday led a fleet of new high yield bond deals carrying lower ratings than have been typical this year.