Loans and High Yield

China’s National Development and Reform Commission (NDRC) this week released new guidelines for offshore corporate bond issuance. While the move is supposed to further simplify the process and relax existing restrictions, the new rules have created a lot of uncertainty and led to fears that it will make offshore bond issuance more difficult, writes Carrie Hong.

CLP Wind Farms, a unit of CLP India, became the first corporate from the country to issue a green bond on September 15. Market participants expect India’s green issuance to take off, as it needs such financing with more liquidity expected to guarantee pricing benefits.

A $125m loan for Bharat PetroResources International (BPRL), a subsidiary of Bharat Petroleum Corp (BPCL), has launched into targeted syndication.

Swedish group Akelius Residential Property on Wednesday sold €300m of unsecured notes with speculative grade ratings, entirely to investment grade investors.

Technicolor, the French media company, has raised a €375m five year incremental term loan maturing, which is due to be syndicated in the coming days.

Corporate bond issuance continued apace on Monday, after last week’s busy activity. Five deals hit screens, despite a rising feeling among arrangers that the market was too congested.

Ardian has raised €2bn with its third generation private debt fund, with 40% allocated already.

Mizuho International’s European head of high yield credit trading has left the job at the bank and will not be replaced.

Com Hem, the Swedish cable company, plans to redeem €187m of notes issued by its subsidiary NorCell Sweden Holding 2, using new and existing loans, reducing its interest costs by 100bp.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has wrapped up and allocated its latest borrowing of $200m, double the launch size, despite struggling to gain traction in the beginning.

Philippines’ Rizal Commercial Banking Corp (RCBC) is considering increasing the size of its $200m three year fundraising, after gathering commitments from 15-16 banks in syndication.

Indonesia's Mitra Pinasthika Mustika Finance has tasted success with its maiden outing in the offshore syndicated loan market, increasing its deal to $150m and establishing relationships with lenders across Asia.