Loans and High Yield

Unrated HNA Group made a quick return with a $200m bond this week, just one month after its last offering. On the same day, Kawasan Industri Jababeka from Indonesia also priced an exchange offer for its existing 2019s.

A range of credits from India, Malaysia and Greater China stormed the Asian debt market on Thursday, vying for investor attention.

Syndicated loans are becoming a focal point of firms looking to demonstrate the power of blockchain, or distributed ledger technology, with different initiatives ramping up and competing to solve the problem of lengthy settlement times in the private debt market.

UK asset manager Pemberton launched a £500m mid-market all-sterling direct lending fund this week, with one market participant arguing that opportunities in the space will expand because European banks are “the worst pricers of credit” in the market.

Divergent pricing expectations between Korean Air Lines (KAL) and investors forced the issuer to pull its hybrid bond on Tuesday evening after a two-day syndication process. The cancellation has dashed hopes of a comeback in high yield issuance from South Korea as the single-B rated trade was slated to be the first since September 2010. Addison Gong reports.

A loans distribution banker has joined the syndicated finance team of DBS in Hong Kong.

Showing its openness to ideas from the European continent, the UK this week followed the eurozone into corporate bond quantitative easing. The Bank of England began its long anticipated Corporate Bond Purchase Scheme on Tuesday, and already it appears to be stimulating a flurry of sterling bond issuance.

Fantasia Holdings Group returned to the bond market on Tuesday, taking advantage of the low yield environment to lock in cheaper funds while improving its debt maturity profile.

Indonesia’s Bumi Serpong Damai is looking for a window to sell a seven year dollar deal via wholly-owned subsidiary Global Prime Capital.

CK Hutchison Holdings is seeking fresh funds to refinance debt, and is eyeing a dual-tranche dollar bond with five and 10 year tenors.

India’s UPL Corp is setting its sights on a dollar offering, and has obtained first time ratings from international agencies.

The oil and gas exploration firm DEA, owned by Russian oligarch Mikhail Fridman, announced €400m of six year non-call 2.5 year senior notes with roadshows on Tuesday and Wednesday in London.