Loans and High Yield

A loan that had been in syndication since April from vehicle parts producer Hyva Global has been signed, with a mix of Asian and Western banks and one institutional investor joining. The deal started out at $295m but wound up at a much slimmer $195m after failing to gather steam amid concerns over the industry and the company’s weak sales in slowing China.

Oceanwide Holdings managed to reach the finish line for its $400m bond on Tuesday, the same day another high-yield issuer was forced to shelve its deal due to weak demand. Oceanwide’s triumph was thanks to the existence of outstanding notes that were trading well in secondary, as well as investors’ familiarity with the credit.

HNA Tourism Group Co has raised Rmb450m ($72m) from its first bond issue, which was driven by investor enquiry. The two year deal offers investors the highest coupon in CNH since the start of 2015.

China’s eHi Car Services has thrown in the towel on its first attempt to issue a maiden dollar bond due to weak demand. Bankers away from the deal and investors say that a combination of bad timing and bad pricing was to blame.

Louis Dreyfus Commodities Asia has sealed its $400m three year revolver, with a group of 38 banks. The loan, which was signed at the end of July, attracted mostly the company’s relationship banks, said a banker at one of the leads.

French home equipment retailer BUT SAS on Tuesday offered a €66m add-on of its €180m secured notes suggesting it is studying the acquisition of a franchisee network.

Shanghai Electric Power Finance raised $500m from its debut five year Reg S bond, attracting a near five times covered book for its offering.

The Asia ex Japan bond market was crowded on August 4 with Oceanwide Holdings and eHi opening books for respective dollar bonds, and Export Development Canada (EDC) and HNA Tourism opting for offshore renminbi (CNH) offerings.

Peking University Founder Group (Founder Group) made a quick return to the offshore bond market on August 3 with a $185m tap to its maiden issue from May.

China Auto Rental (CAR) pulled off a second successful foray in the US dollar bond market, raising $300m after tightening pricing by nearly 40bp on the back of strong demand.

German cable company Tele Columbus is allocating a €435m leveraged loan that backs its acquisition of rival Primacom, setting outs its ambitions for consolidation in the sector.

Spain’s construction and energy company Abengoa on Monday announced an unexpected €650m capital raise, which triggered immediate selling in its shares and bonds.