Loans and High Yield

Dasin Retail Trust, which sealed the year’s first mainboard listing on the Singapore exchange earlier this month, has signed a loan that backed the IPO. The deal had four lead banks, which brought in three participants during syndication.

Debut Indonesian issuer Pan Brothers ventured out to the market Thursday, pricing a $200m five non call three deal, paving the way for more Indonesian high yield issuers.

Hong Kong Airlines, whose biggest shareholder is China’s HNA Group, was marketing a senior perpetual non call 3.5 year bond on Friday, driven by anchor interest.

The tally of sterling high yield bond sales in January is on course to reach £2bn, a sensational reversal from 2016’s entire first quarter without issuance in the currency, with several issues this week despite news that the UK will seek to leave the EU single market.

Executives from the Channel Islands Stock Exchange (CISE) travelled to London on Wednesday to meet investors and discuss their concerns over the growing trend for high yield borrowers to list their bonds there.

Hapag-Lloyd, Germany’s largest container liner shipping company, sold a rare triple-C rated bond to high yield investors on Thursday.

The tally of sterling high yield bond sales in January is on course to reach £2bn after Jaguar Land Rover on Thursday launched a new £300m offering, adding to a recent surge of deals in the currency.

The margin compression that dominated the Asian syndicated loan market in 2016 was expected to spill into this year. But Chinese capital controls have proved to be a game changer, with Mainland companies compelled to turn to overseas funding, said market participants. Shruti Chaturvedi reports.

Repeat Chinese issuer Yuzhou Properties Company and debut credits Reward Science and Technology Industry Group Co and United Photovoltaics pushed into the busy Wednesday market, looking to close dollar deals before the holiday.

Kernel Holding has hired two international banks to work on a bond offering, the first corporate new issue from Ukraine since 2013.

Zhuhai Huafa Group Co on Thursday morning opened books for its debut dollar-denominated offering. Howver, the company is no stranger to offshore markets as it has previously sold a dim sum bond.

Pattern Energy Group is planning to print its first corporate bond this week with a $350m high yield offering that will primarily finance acquisitions of wind power projects from its developer-sponsor, Pattern Development.