Loans and High Yield

Korea Expressway Corp and JSW Steel have mandated banks for new international dollar deals as the first quarter draws to a close.

Telenet, the Belgian cable and telecoms company owned by Liberty Global, launched a €750m and $1bn term loan refinancing on Tuesday, just four months after signing the original facilities.

The pace at which coupons are shrinking and covenants are being ditched in corporate high yield issues has begun to touch a nerve among the market’s veteran fund managers.

BNP Paribas has merged its European high yield, loans and distressed trading activities following the departure of its head of high yield trading last week.

Shui On Development has hit the syndications market for a $150m three year borrowing guaranteed by parent Shui On Land. The firm is the latest name to tap the bond and loan markets in quick succession.

Property developer Fujian Yango Group started taking bids for its debut international bond on Tuesday, immediately after wrapping up fixed income investor meetings. Its deal follows fellow Chinese company Zhejiang Huzhou Huantaihu Group Co’s $150m outing on Monday.

Automobile parts maker Zhongding Hong Kong has wrapped up its latest syndicated loan at €200m ($217m), higher than the launch size of €150m, as 14 lenders chipped in.

Indonesia Eximbank is meeting investors for its second dollar bond, while Indika Energy is looking to refinance its 2018s with new notes.

Law firm Ashurst has hired partner Tamer Bahgat and advisor Natalia Sokolova to its first European high yield practice.

Patheon, the US pharmaceutical contract manufacturing firm, held a lender call on Monday for a repricing of its €465m cov-lite term loan, as did fellow US company Platform Specialty Products for its own €575m term loan.

Barclays’ head of EMEA leveraged capital markets is set to leave the bank, according to sources with knowledge of the matter.

Property developer China Evergrande Group sold another $1bn bond last Friday, hitting the market just a week after a bigger $1.5bn outing.