Loans and High Yield

HSBC has hired a new global head of account coverage within its financial sponsors group, following its reorganisation of the division last year.

China Energy Reserve and Chemicals Group is making its debut in the offshore loan market with a deal of up to $400m launched by a single mandated lead arranger and bookrunner on Tuesday.

Yanlord Land Group’s decision to wait until the New Year to return to the bond market paid off handsomely. Launching into a less volatile market on Monday, the deal attracted a peak order book of $2.8bn and priced at a good level for the issuer.

Times Property Holdings made a successful return to the international debt market on Monday with a $375m bond, benefiting from a strategy of starting with a generous initial guidance before slashing it by almost 40bp.

London-headquartered Vedanta Resources is pursuing a new 5.5 year dollar transaction after more than three years out of the international market,. The new deal is taking place alongside a tender offer for two of the company’s existing notes.

Cairn India is speaking to banks for a loan that will refinance borrowings that are due to mature over the next few years, bankers said this week. The company is looking to borrow through a Scotland incorporated subsidiary.

Hapag-Lloyd on Monday began roadshowing a sub benchmark and triple-C rated bond to European high yield investors.

Micro Focus, a UK software firm, is poised to offer up $1bn-equivalent in euros to the European leveraged loan market as it looks to close its reverse merger with Hewlett Packard’s software business.

The latest syndicated loan for ZhengTong Auto Services, a luxury auto dealership, has wrapped up at $409m, racing past the launch size of $300m as Chinese lenders came in with big commitments.

Issuers anxious to meet with investors before the Chinese New Year are kicking off the week with roadshows around Asia. Beijing Capital Group, Qinghai Provincial Investment Group, China Huarong Asset Management, and Indonesia’s Pan Brothers are all pursuing dollar bonds.

High yield real estate names Times Property Holdings and Yanlord Land Group are marketing their respective dollar-denominated bonds on Monday morning, looking to lock in early funding for the year.

The sterling high yield bond market on Friday priced its first single-B rated issue of the year, a £275m note from Amigo Loans, a UK consumer lender, with the third highest coupon in the past 12 months for a single-B sterling issue.