Loans and High Yield

Cooperativa Muratori & Cementisti (CMC), the construction firm, proved there are pockets of demand for the industry, despite the recent troubles of another Italian cooperative, Manutencoop.

More banks now have the opportunity to join a HK$28bn ($3.6bn) financing to support the take-private of Hong Kong-listed footwear company Belle International Holdings, following a senior phase that attracted nine lenders.

Leveraged loan investors have recently started to win victories on deal terms, but on Thursday French engineering firm Socotec brought confirmation that market conditions are still in favour of borrowers. However, another of this week’s deals underlined the fact that investors can sometimes succeed in getting better terms.

Fixed income dollar accounts will soon have the opportunity to buy new names from China’s financial sector and southeast Asia's coal mining industry, with three debut issuers set to roadshow in Asia, Europe and the US next week.

Credit Suisse has hired a banker for its Asia Pacific loan syndications team in Hong Kong.

Environmental service firm Adler & Allan is refinancing all of its debt with a sub-£100m ($130m) unitranche loan from HSBC and alternative investor Bain Capital Credit. The product can pose competition to high yield at bigger sizes, said sources.

Chinese investment banks and brokerages had a dazzling performance in Asian DCM during the first half, remaining the preferred choice for the country’s offshore issuers while also making big leaps in boosting their international client base. With their rise have also come increasing concerns around best market practices – but even these may soon be a thing of the past. Addison Gong reports.

Fears over debt and governance problems at Chinese companies are prompting banks to rethink their willingness to lend. The pull-back is leading to a push for more transparency — and looks set to send margins on many deals higher, bankers said this week.

Pasubio, the Italian maker of speciality car upholstery, is funding its buyout by CVC with a leveraged loan and revolver launched on Wednesday in an issuer-friendly market.

The cloudburst of corporate bond issues investors had been expecting during the dry first two business days of July arrived on Wednesday, with a five tranche salvo by Annington Funding, in euros and sterling, plus deals from Kedrion and National Grid.

Qinghai Provincial Investment Group made a quick return to the bond market this week, giving investors an opportunity to top up their exposure five months after making its debut.

A group of nine Chinese companies have received approval from the National Development and Reform Commission (NDRC) to sell international bonds.