Loans and High Yield

What will happen to share prices and bond returns if the climate warms by 1.5°C, 2°C, 3°C? You don’t know, and neither does anyone else. But these scenarios are probable. It’s time we worked it out — and a decision before the G20 next weekend could make a huge difference.

State-owned enterprise Qinghai Provincial Investment Group Co is making a rapid return to the international debt market, launching a new dollar bond on Tuesday about four months after its debut.

The European high yield bond market welcomed a bursting deal pipeline this week, leaving behind last week’s sabre rattling between investors and issuers.

The leveraged loan market is set to take in one more issuer from the high yield bond market as French jewellery retailer Thom Europe looks for new term loans to redeem all of its bonds.

A loan of around $400m for Indian data analytics firm Mu Sigma is open for retail participation after a successful senior phase when seven lenders joined the deal.

Modern Land (China) Co grabbed $130m from its green bond on Thursday, but the pricing of the notes did not move throughout bookbuilding as investors were less than impressed with the high yield credit.

Mizuho has lost a banker in its syndicated loans department in Hong Kong, according to two sources.

Standard Chartered has appointed Lyndon Hsu as global head of leveraged and structured solutions, based in Singapore.

The drive to get companies to face up to the risk of climate change is gathering momentum. Firms with a combined market capitalisation of about $3.5tr have committed to support the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), which published its final report on Thursday.

A €179.4m loan to support Chinese company Aier Eye Hospital Group’s acquisition of Spanish firm Clinica Baviera has entered syndication with three banks at the helm. The deal is another example of Mainland firms’ eagerness to expand overseas, which is in turn giving the country’s lenders with similar ambitions a leg-up as they venture into relatively unexplored markets. Shruti Chaturvedi reports.

Fantasia Holdings Group returned to the high yield bond market for the second time this month, but was forced to pay heavily for a $300m deal.

Chinese property developer Modern Land (China) Co is making a comeback to the international green bond market, opening books for a short-term trade on Thursday morning.