Loans and High Yield

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) is understood to have increased the size of its borrowing to $200m — double the launch size.

The trading arm of China’s Tewoo Group is raising a $100m two year onshore loan, with the amortiser offering banks an additional incentive for early commitments.

VietinBank, one of the four largest state-owned commercial lenders in Vietnam, has seen commitments come in during general syndication for a $100m three year facility.

Pillarstone, a non-performing loan and advisory company owned by KKR, has appointed John Davison, former head of the strategic investment group at RBS, as its new chief executive.

An improved picture is emerging for credit, said traders and strategists this week, as concerns around global growth and energy prices abate. But the immediate beneficiary is more likely to be the US than Europe, they said, although borrowers on both sides of the Atlantic have a great issuing window.

With increased activity in the euro investment grade and US high yield markets, bankers feel confident the European high yield pipeline should start making real progress, despite this week’s activity being restricted to a single roadshow.

Africa Loans — Bulgarian Energy Holding — OSN — Conviviality

Axis Bank has begun sounding out lenders for a $274m loan related to Indian pharmaceutical firm Strides Arcolab's recent acquisition in Australia.

Philippines’ Petron Corp, which recently amended covenants on a 2014 borrowing, has hit the market for a $550m refinancing that was funded in July.

Tractel, the French maker of lifting machines being bought by Cinven, held a bank meeting on Wednesday morning, to present to potential investors the terms of its new €235m all senior loan package.

Hong Kong Tian Yuan Manganese International Trade, which sent out invitations for a $150m loan this week, is now understood to have cancelled the transaction after second thoughts on the impact of a weaker renminbi.

Tata Steel’s attempt to cut pricing on a $1.5bn portion of a loan completed in 2014 has met resistance from lenders, who are concerned about the outlook of the company’s sector. With the borrower also understood to be looking at tweaking covenants, the transaction is proving to be a test of client-bank relationships. Shruti Chaturvedi reports.