Loans and High Yield

A Standard Chartered led borrowing for automobile parts maker Zhongding Hong Kong will see the company fully exercise a greenshoe, taking the loan size to €150m ($165m). Eight banks have committed to the facility during general syndication and two more are processing their approvals.

The Asian Development Bank (ADB) has received approval to provide a loan and partial credit guarantee to support the issuance of what could be the Philippines’ first green bond.

Côte Restaurants, the UK chain of French-styled restaurants being bought out by BC Partners, has avoided general syndication and allocated a £138m leveraged loan with early bird lenders.

Nomura has cut at least 20 people from its credit trading business, according to two sources outside the bank, with the high yield business hit particularly hard.

Shares in Abengoa, the Spanish renewable energy developer, jumped initially today after it won a €600m contract, but bondholders have not yet felt any relief from the distressed levels at which its notes are trading.

Cinven has mandated three banks to arrange a leveraged loan financing for its acquisition of Tractel, the French provider of equipment for working at height.

Depo Auto Parts Industrial has parked for an NT$7bn ($224.5m) five year financing, with one bank in the driver’s seat.

Nanjing Xinjiekou Department Store, a subsidiary of Nanjing Cenbest, has announced its plan to issue offshore bonds in order to acquire China Cord Blood Corporation (CCBC)’s China business.

UBS is breathing new life into its European leveraged finance operations, hiring a new head of origination to ready the troops for the fourth quarter — the first big hire in Europe for David Slade, who joined to run the team in April.

Belgian and German medical diagnostics provider Amedes brought some investors who had initially declined the €525m loan back into the fold this week as deal supply fell.

Spanish renewable energy developer Abengoa became this week’s market punchbag after on Monday announcing a shock €650m rights issue that left both debt and equity investors running for the hills, writes Victor Jimenez.

Jefferies has boosted its high yield trading business in London with the hire of a senior trader from Societe Generale.