Loans and High Yield

Action in the Asia ex-Japan dollar bond market picked up a notch on Tuesday with a number of issuers launching transactions.

Nasdaq-listed China XD Plastics Co has signed a $180m two year financing after a senior syndication phase that lasted a month.

Asian debt capital market bankers are advising bond issuers to hit the market sooner rather than later in September, on the back of indications from the Federal Reserve that the case for an increase in rate hike had “strengthened in recent months”.

A subsidiary of Lee & Man Paper Manufacturing has signed loans worth HK$4bn ($515.6m) to refinance debt, including bilateral loans, and for general corporate funding.

Jiangsu NewHeadLine (NHL) Development Group has returned to the debt market just months after making its debut, with the Chinese local government financing vehicle tapping its January notes.

Allocations are out for the government of Sri Lanka’s $700m three year borrowing, which has more than doubled from the launch size of $300m.

HSBC is making some senior-level changes to its debt capital markets team in Asia Pacific, with current head of high yield capital markets and CMB debt origination, Wallace Lam, moving to commercial banking.

Electricite du Laos Generation Public Company (EDL Gen) has started building books for a $300m bond it is looking to price in Thailand on September 2. The deal is progressing well, attracting interest from a wide array of investors including high net worth individuals.

The government of Sri Lanka’s three year borrowing has turned out to be a hit, allowing it to hike the loan to $700m, beyond the $500m it was eyeing after a greenshoe.

Baoxin Auto Group has hiked the size of its latest borrowing to $750m from $550m, after its acquisition by China Grand Auto made the deal more appealing, according to bankers.

Indonesia’s Cikarang Listrindo and Hong Kong’s Far East Consortium International have set sights on the international bond market, having appointed banks to work on their respective dollar offerings.

The gap to repay a €2.7bn bridge facility that supports HeidelbergCement's purchase of Italcementi is set to close once the former cashes in the sale of its West Virginia factory.