Loans and High Yield

Real estate developer Vietnam Investment Group Joint Stock Co (VIG) is looking to borrow $125m offshore in a deal led by one bank.

Hsin Chong Construction Group launched its inaugural bond on May 7 with investors getting the chance to buy into a rare unrated issuer from Hong Kong.

English premiership rugby club Wasps has raised £35m by selling a 6.5% seven year retail bond. The bond is secured on assets including the Ricoh Arena stadium in Coventry, which the club bought last year.

Titanium, fluoroproducts and chemical solutions business Chemours sold $2.5bn of senior unsecured notes on Tuesday, proceeds of which will go to its parent, DuPont, in the form of a dividend.

Steel company ArcelorMittal has refinanced a $6bn revolving credit facility, with heavy oversubscription.

Xella, the German building materials manufacturer, has closed books on a €533m refinancing and amend-and-extend loan procedure that was oversubscribed, allowing for price cuts.

HNA Airport Holdings is in the market for a $70m loan that will be used for extension of the Sanya International Airport.

China Energy Reserve and Chemicals Group raised $200m from its inaugural bond with the issuer choosing to pay up to compensate for a lack of credit rating. The tactic was effective in getting the deal done although observers say the bond’s subsequent secondary market performance meant it might have paid over the odds.

Syndicated loan banks are standing strong against the highly rated Swiss company that is demanding negative interest payments on its drawn Swiss franc term loan. One senior banker said there was no negotiation about it. “The banking syndicate has said no,” he said.

Leveraged finance bankers at a recent industry event were upbeat about the scope for a pick-up in Asia cross-border M&A, which they see revitalising the flaccid leveraged finance activity so far this year. However, there is a debate over whether Asian banks are any closer to offering the looser terms available in Europe and the US.

UBS has named two global co-heads for its financial sponsors business, poaching one from Morgan Stanley and promoting another from within the bank

Eircom, the Irish telecoms company, has arranged an investor call for a €2bn amend-and-extend process on its loans, that will bring documentation into line with market standards.