Loans and High Yield

Indian agricultural company Jain Irrigation Systems has appointed Elara Capital (Asia) Singapore as financial adviser for its dollar bond restructuring.

Hong Kong’s mortgage loan provider Lei Shing Hong Credit has closed a $330m-equivalent deal with 11 lenders.

Metals and mining firm Vedanta Resources’ $1.4bn bond this week took it one step closer to the planned delisting of a subsidiary. But the company took an unusual approach to the deal — a rare bond outing for a take-private in Asia — by offering investors a secured and callable amortising bond. Morgan Davis reports.

Chinese real estate developer Shui On Land sealed a slightly larger than anticipated $500m bond on Monday, despite issuing a profit warning earlier this month.

Tianneng Power International, a Hong Kong-listed Chinese company focused on making environmentally friendly power batteries, is seeking a debut $100m loan.

Consciousness of environmental, social and governance factors is snowballing among private debt and equity investors, prompting them to seek new answers to the conundrum of how to obtain adequate ESG information on private companies. Providers are trying to meet the demand, including with innovative products.

A UK government spokesperson has told GlobalCapital that the UK is exploring ways to support private equity-backed businesses that fall foul of EU rules around state aid. Accredited lenders under the UK government’s emergency corporate loans schemes are rejecting applications by many private equity-backed companies, fearing they do not fit the eligibility criteria.

Struggling Gulf state Bahrain has fallen further into junk territory, with its budget deficit expected to balloon as a result of an oil price slump and the Covid-19 pandemic. But it is not all gloom, experts said, as bond markets remain wide open for high yield issuance.

China’s Anton Oilfield Services Group’s dollar bond has plunged in the secondary market following a profit warning from the company.

JB Chemicals & Pharmaceuticals’ $206m loan is open in general syndication, with the proceeds going to support private equity firm KKR’s acquisition of a majority stake in the company.

China Huiyuan Juice Group has once again failed to make coupon and principal payments on a $200m bond.

Thai agro-industrial and food conglomerate Charoen Pokphand Foods is in the market for its third syndicated loan of the year, this time through subsidiary CP Merchandising Co.