Loans and High Yield

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.

Zhongrong International Trust became the first company from China’s trust industry to price an international bond this week, fighting a soft market backdrop to raise $225m.

New Look, the UK fashion retailer, will begin a roadshow on Tuesday for a £1.2bn-equivalent high yield bond issue to redeem all its bonds and repay its PIK notes after being acquired by Brait, the investment firm.

Having successfully scouted for food last week, Loan Ranger and his trusty deputies Tonto and Silver upgraded their mission to a hunt for history and then treasure.

Oilfield equipment provider Hilong Holdings has launched a $100m loan into general syndication. Two banks are arranging the loan for the company, which made its debut in the offshore syndicated loan market in 2013 and has visited annually since.

Chinese broker Haitong Securities is planning to issue its first euro bond by the middle of the month having scheduled a series of investor meetings starting from June 11.

Zhongrong International Trust has opened books this week for what will be its first outing to the offshore bond market, while Korea Hydro & Nuclear Power (KHNP) has also started taking bids for a dollar offering.

Real estate developer Vietnam Investment Group Joint Stock Co (VIG) has attracted banks from several geographies, with a policy bank from China, and a prominent Malaysian lender among those said to have committed. The deal has been well received in the market as banks look to build a longer term exposure to the fast developing southeast Asian country.

Sivantos, the renamed spinoff of Siemens Audiology Solutions, has launched a repricing of a €785m leveraged loan backing its buyout by EQT, which closed last December.

Optimal Payments, the Isle of Man-based secure payments provider, has guided pricing on the financing for its acquisition of Skrill, before closing the deal, and replaced amortising loans with a bullet facility.

Penn Engineering had achieved almost unanimous approval for the repricing of its $465m loan and allocated the entire facility by Thursday.

Dell, the US personal computer maker, has closed books on a loan repricing and will increase the deal, although investors put the brakes on a full repricing.