Loans and High Yield

Eight banks have joined a $150m three year bullet loan for Hesteel Hong Kong Corp, part of China’s Hesteel Group, thanks to confidence in the parent's credentials.

This week, those in the capital markets showed it’s not just electorates that can deliver surprises. Investors got one back — by making markets rise on a shock Donald Trump election victory.

The European high yield market this week proved that it has learned at least one lesson from its Brexit experience: the unexpected does not mean market shutdown.

International Bank of Azerbaijan — Ahlstrom and Munksjö — Bridgepoint — Pemberton

Cable company Com Hem has been sounding investors since Wednesday for a new issue in Swedish krona to redeem its old Skr2.5bn bonds due 2019, adding Swedish momentum to the Nordic corporate high yield bond market.

Southeast Asian companies have provided plenty of M&A financing opportunities to banks this year, partly making up for the disappointing corporate loan volumes from the region. Large firms in the region are still flush with cash, giving loans bankers hope that event-driven activity will continue next year, writes Shruti Chaturvedi.

Private equity firm Permira has made a “significant” investment in corporate services provider Alter Domus, which counts nine of the largest 10 PE firms worldwide among its clients.

A HK$2.8bn ($361m) loan to back private equity firm Permira's leveraged buyout of Hong Kong-based Tricor Holdings has been launched into general syndication.

Local government financing vehicle (LGFV) Gansu Provincial Highway Aviation Tourism Investment Group Co became the first and only issuer in Asia ex-Japan to launch a G3 bond this week.

Though emerging market loans widened in early trading on the day after Donald Trump’s election, pricing for both IG and EM loans returned to the levels of the day before by midday — as the overriding theme of cheap money in European markets, not the shock result of the US vote, dominated.

There was a benign response in the European leveraged loan market on Wednesday to Donald Trump's shock US election victory. How the result affects the post-summer repricing wave is a little more unclear, however, especially given the pipeline of new paper.

The European high yield market on Wednesday proved that it has learned at least one lesson from its Brexit experience: the unexpected does not mean market shutdown. Despite Donald Trump's surprise US presidential election win on Wednesday morning, HY market participants think issuance could resume quickly.