Loans and High Yield

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.

Dovish actions taken by the Bank of England last week, particularly its sterling corporate bond buying programme, helped send short dated credit and equity implied volatility near to their post-crisis lows, prompting traders to begin to roll out of short volatility trades and size up potential bumps in September.

New money, new bonding facilities, a new army of investment funds, and a 97% debt write off were unveiled on Thursday in the latest plan to rescue the Spanish renewable energy company Abengoa from bankruptcy.