Loans and High Yield

Abengoa, the Spanish engineering and renewable energy firm, is heading to its October make-or-break deadline convinced that 75% of creditors will support its final restructuring debt plans, thus avoiding liquidation.

European high yield bonds and leveraged loans have maintained interest this week for investors, despite a lack of deals, as other parts of the corporate market have finally been lulled to summer slumber.

Five Chinese companies have registered their respective plans to sell offshore foreign currency bonds with the National Development and Reform Commission, according to a note on the regulator’s website.

Indonesian lender Bank Tabungan Pensiunan Nasional, which is backed by Sumitomo Mitsui Banking Corp, is seeking $155m from the syndicated loan market.

German pharmaceuticals firm Riemser allocated its €256m term loan dividend recapitalisation on Tuesday, according to one banker. The deal comes as deal flow in the levloan market dissipates.

Issuance may be lagging on last year, despite a recent pick-up, but investors are still turning to high yield for returns, Fitch Ratings said in a report on Wednesday.

Commodities trader Noble Group is in the spotlight again after Fitch and Moody's published divergent ratings on Monday. Fitch took a more benign view on Noble, but Moody's downgraded it to B2 from Ba3 with a negative outlook.

Malaysia’s Sime Darby is injecting its Australian properties into Singapore-listed Saizen Real Estate Investment Trust via a reverse takeover in exchange for new units and cash raised from bank debt.

Dutch telecoms firm Ziggo made a bumper increase to its $1.6bn refinancing earlier this week, more than doubling the size of the loans offered and stunning some investors.

While some believed Brexit would be a blow to high yield, it is instead a gentle tap on the shoulder, according to Nationale Nederlander Investment Partners, with the market still set to benefit from investors' search for yield.

A power plant construction firm from Indonesia and an equipment and infrastructure finance company from India are raising debt worth a collective $125m.

HNA Group has sealed its return to the offshore debt market as yield-starved investors nudged the unrated issuer to open a new three year trade. While the order book is not big compared with other recently deals, the issuer was still able price tightly.