Loans and High Yield

The Islamic finance market is looking to welcome its first Chinese participant after Country Garden Holdings this week announced plans to issue a Murabahah sukuk. But the property developer’s currency of choice — the ringgit — suggests that plenty of work is needed for sukuk to gain traction in north Asia, writes Rev Hui.

Trading in European corporate high yield bonds is already taking place on 10 electronic execution platforms, according to research published on Thursday by the International Capital Market Association.

Indian issuers have been a rarity in the bond market this year, with 15 international deals reaching investors. But market participants are predicting a busy fourth quarter, thanks to growing needs for infrastructure funding and new changes to rules governing offshore fundraising. Narae Kim reports.

Duo leads Tata Chem’s sterling financing — ONGC to net $1.775bn from four — Viettel Cambodia beams $50m loan — Minsheng Leasing trims borrowing to $150m

Nomad Foods' €285m incremental cov-lite term loan illustrates how the leveraged loan market has widened, bankers have claimed.

A €600m ($673m) fundraising for a unit of China National Chemical Corp has gone into general syndication, following a senior phase where just two banks came on board. The lacklustre demand has caused the leads to increase the fees on offer to help drum up more interest.

Wittur, the German elevator components supplier, has signed a €180m term loan 'B' as an add on to its existing term loan 'B' facility.

Park Resorts, a caravan park operator, has cut the size of its term loan B by £20m to £530m and widened pricing from its original target range as investors expressed concerns about the company's debt burden.

It is Shanghai, not Frankfurt, where investors in the European high yield market have their eyes cast as China's impact on buy side sentiment overcomes ECB decisions, according to a BAML survey.

Markets have stabilised after the recent turmoil, but a lack of issuance across corporate bonds and loans this week illustrates how nervous borrowers are that further upheaval could be on its way.

Tata Chemicals has picked banks for a new £200m ($303.5m) refinancing, hitting the market after a hiatus of nearly two years.

Poultry feed producer Charoen Pokphand (CP) Indonesia is tapping the syndicated loan market for a $355m dual-currency fundraising, split between rupiah and dollars.