Loans and High Yield

Recycling aluminium manufacturer Ye Chiu Group has returned to the loan market after a four year absence for a $150m deal to meet its refinancing needs.

Chinese real estate borrowers swarmed the international bond market on Wednesday, raising a combined $1.05bn across four transactions.

Commerzbank expects its corporate division to remain under pressure from the coronavirus crisis in the second half of the year, after a second quarter where international firms rushed to take out debt products but the bank was stung by a large single provision, understood to relate to disgraced payments company, Wirecard.

Morgan Stanley Investment Management has set up a European corporate fund and a European strategic fund, both earmarked as sustainable.

Indonesian high yield property companies are continuing to come under fire, with Alam Sutera becoming the latest to be hit with a downgrade due to bond refinancing concerns.

Melco Resorts Finance tapped its 5.75% 2028 notes on Tuesday, adding another $350m to the trade.

Singapore oil trading company Winson Group is planning to extend by one year a loan signed in 2019.

HKR International, a conglomerate with operations in property development and healthcare, has turned to the loan market after five years for a HK$3.35bn ($432m) facility.

Ineos Styrolution, the styrenics supplying unit of Ineos, has signed a number of loan facilities to support its $5bn acquisition of BP’s aromatics and acetyls businesses. There were roughly $9bn in commitments from 23 banks.

Powerlong Real Estate Holdings received huge support from investors for its $200m bond on Monday. The deal’s modest size and expectations of limited imminent supply from Chinese property credits helped the firm get away with a negative new issue premium of about 10bp.

Chinese property developer KWG Group Holdings returned to the bond market on Monday, taking $200m at a level that was inside of fair value estimates from analysts.

The Vanguard Group, the US asset manager which pioneered low cost, index-tracking investment, has sold $3bn worth of private placements. According to GlobalCapital data, this deal is the largest ever recorded in the US private placement market.