Loans and High Yield
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The default by two state owned enterprises this year has stirred fears that the surge in China’s debt to 240% of GDP heralds further problems that could spill over into the offshore bond market with profound negative consequences.
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China Aluminum International Engineering Corp (Chalieco) is planning to issue renewable bonds in China’s domestic debt market to expand its funding channels. -
Sweden's largest oil refiner, Corral Petroleum Holdings, sold on Friday €625m-equivalent of payment-in-kind toggle notes after dropping dollars for Swedish kronor.
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UK budget hotel chain Travelodge Hotels on Friday priced the first sterling high yield corporate bond of the year, with pricing widened by the imminent EU referendum in the UK.
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China Aircraft Leasing issued its first dollar bond on Thursday, sealing $300m from an offering that was notable for the stark difference in response in the primary and secondary markets.
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Indonesian company Trans Media has received a covenant waiver from lenders on a $500m loan raised in 2014.
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Allocations are out for a $430m five year loan for Baring Private Equity Asia’s acquisition of cosmetics packaging company HCP Global.
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Société Générale has named David Gore as head of shipping and offshore finance for Asia Pacific, replacing Gareth Williams, who is taking over as head of loan syndicate and sales for the region.
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Travelodge Hotels launched a £360m single-B rated debut bond on Tuesday, in what is being heralded by many in the European high yield market as a sign that issuance will pick up after the summer break.
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French firm Fnac will imminently launch syndication of its loan to buy retailer Darty, after winning a bidding war with South Africa's Steinhoff. Meanwhile, banks supplying a £920m loan for the thwarted rival await instructions.
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The European leveraged loan market is finally starting to open up after a torrid few months, with a fast flow of deals and keen thirst for risk, writes Max Bower.
