Loans and High Yield

Volkswagen has returned to the public straight bond markets in its own name for the first time since September 2015, when it was swept from the market by its emissions test cheating scandal. Bond markets being what they are, a multi-billion euro blowout is likely.

Hong Kong-listed Fosun International is set to return to the syndicated loan market to refinance a $800m deal raised two years ago, according to a banker.

China Zheshang Bank Co is out with its maiden international additional tier one, while Xinjiang Guanghui Industry Investment (Group) Co, the largest shareholder in China Grand Auto, is prepping for its offshore debut.

Private equity firm Ardian has acquired a majority stake in Prosol Group, the parent company of Grand Frais, the French supermarket company.

Shandong Yuhuang Chemical Co sealed an inaugural international bond on Monday, finding sufficient demand thanks to a conducive market backdrop, coupled with the rarity factor of being a Chinese non-property name raising funds.

The performance of the Asia bond market over the past couple of weeks, despite the macro moves elsewhere, has shown that it can drive forward independently of events in the west. With European and US political volatility waiting in the wings, Asian DCM’s self-sufficiency bodes well.

The leads on Indian data analytics firm Mu Sigma’s $400m fundraising have invited lenders to join at the sub-underwriter level, according to bankers.

Indonesian company Sri Rejeki Isman (Sritex) seized an unexpected window for a deal late on Monday morning, launching and pricing a $150m bond soon after an investor call.

Emperor International Holdings is gearing up for a new dollar bond, hiring nine firms to work on the transaction, while Japfa Comfeed Indonesia is looking for fresh funds to partly redeem its 2018s.

Chemours, the listed US chemicals firm spun out of DuPont in 2015, held a lender call on Monday afternoon for a $350m-equivalent euro term loan to repay some of its existing dollar loan.

French asset manager Tobam Core Investments opened its first international high yield fund on Monday. The €100m fund aims to go against the grain.

Pfleiderer, the Warsaw-listed wood-based materials maker, has re-entered the leveraged loan market with a €450m deal.