Loans and High Yield
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One of the biggest Chinese bad debt managers, China Cinda Asset Management, is set for a dollar-denominated Reg S additional tier one deal, marking the country’s first AT1 from a non-bank entity. -
China South City Holdings (CSC) is tapping its $200m five non call three notes, sold at the start of September, launching the new transaction on Friday morning.
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Hong Kong-listed Television Broadcasts (TVB) is set to connect with bond investors for a debut dollar transaction.
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Leveraged finance bankers probably didn’t think their jobs could get any tougher. Not until Wednesday at least, when, at Euromoney's Levinvest conference, the ECB dropped the bombshell that it was, in all likelihood, set to introduce ‘guidance’ on leveraged lending.
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The European Central Bank is to consult leveraged loan players on official market guidelines similar to those the US brought in three years ago. The set it is already drafting for publication later this year and launch in 2017 is likely to contain what an official termed “key features of US guidance”.
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French non-performing loan servicing firm MCS Groupe printed its €200m five year floating rate note at 5.75% over Euribor on Wednesday. The deal received a boost in trading on Thursday as the market welcomed the Fed’s decision to hold interest rates.
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French retail group Fnac printed its €650m seven year notes at 3.25% on Thursday, below the deal's initial price range, as it won plenty of demand from domestic investors.
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German industrial packaging firm Mauser launched a €537m term loan refinancing with a lender call on Thursday afternoon, while at the same time fellow German firm Orion Engineered Carbons was set to close its repricing request.
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US car rental provider Avis this week followed rival Hertz to the euro market and sold a €300m bond, increasing the deal from its initially marketed size.
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Banks are queueing to set up shop in an international financial services hub in India — the first of its kind in the country. Institutions operating there enjoy certain regulatory exemptions, which are expected to give a leg-up to domestic lenders looking to build a foreign currency loan book. Shruti Chaturvedi reports.
