Loans and High Yield

First Quantum Minerals, a Canadian mining company with African operations in Zambia among other EM countries, has announced investor meetings for a combined tender offer and new issue this week.

Plastic films and base oils maker, Shandong Qingyuan Group, has invited participation from retail banks for a $500m three year borrowing.

A $575m borrowing by CT Corp company, Trans Retail Indonesia, has already received a few commitments, with still some time to go until the deadline.

Chinese high yield names Kangde Xin Composite Material Group and KWG Property priced new dollar deals against a weakening market backdrop on Thursday, forcing the pair to adjust their expectations in order to get ahead of an interest rate hike.

Swiss telecom company Salt Mobile asked bondholders to waive covenants on some of its old notes while it also tapped them and sold a new floater on Thursday, all to fund a dividend to its owner NJJ Capital. The deals came to fruition but left some bankers and investors concerned about market discipline.

BlackRock announced this week that Tim O'Hara, the former head of markets at Credit Suisse, was joining the investment management firm as co-head of global credit.

Ineos Styrolution this week completed a loan refinancing with margins well below the 350bp market average for new deals — but the pricing will be replicated by the leveraged market’s top credits, said market participants.

Alliance Data Systems Corporation (ADSC) raised €400m from a high yield bond on Thursday, taking euro issuance from US companies to 20% of all European sales in the asset class so far this year.

Axa IM has launched a European corporate high yield bond fund that plans a buy-and-hold approach through to its maturity in 2023.

Indonesian palm oil seller Royal Industries is looking to restructure a $405m loan after failing to repay the first and second instalments. And going by precedents, market participants are bracing themselves for a long-winded recovery process as legal proceedings unfold, writes Shruti Chaturvedi.

HSBC has appointed a new head of leveraged and acquisition finance for Asia Pacific, transferring James Horsburgh from London as part of a shake-up of the business.

HSBC confirmed that it was sending James Horsburgh, a senior member of its EMEA leveraged finance team, to run the business in Asia, as previously reported in GlobalCapital.