Loans and High Yield

BNP Paribas has shaken up its London high yield sales effort with several staff moves, in an efficiency drive and attempt to align cash and derivative coverage more closely.

Oilfield equipment provider Hilong Holdings launched a $100m loan into general syndication, offering generous returns.

Rumours are swirling that Chinese company Giant Interactive, which wrapped up a $850m leveraged buyout loan only last year, is considering prepaying the money early.

Haikou Meilan International Airport took to the international bond market for the first time on June 9, raising Rmb600m ($98.5m) in the process.

It’s official — the European corporate bond market is going through a bad patch. The market has not felt quite itself since March, but issuance held up pretty well in April and May, with about €27bn in each. Since June began, there have been just five deals, totalling €2.85bn.

Macanese casino operator MGM China and subsidiary MGM Grand Paradise have amended and extended credit facilities raised in 2012.

One of India’s largest port operator Adani Ports and Special Economic Zone is venturing into the international bond market for the first time having started gauging investor sentiment this week.

Mauser, the German industrial packaging group, is working to a short deadline as it amends its loan documents to make them more flexible for an IPO and a dividend payment.

Permira Debt Managers has hired David Hirschmann as head of private credit for its direct lending fund.

Sealed Air, the US packaging company, is meeting investors in London since Tuesday to market its first euro bond, part of a refinancing of its notes due 2021.

Despite a shortage of deals, leveraged loan investors are winning some battles against aggressive borrowers. The latest casualty is Schenck Process Group.

Haikou Meilan International Airport Company has opened books on a three year offshore renminbi offering, the company’s first foray into the dim sum market.