Loans and High Yield

Chinese state-owned commodities trader Tewoo Group Co, which has been under financial pressure for more than a year, is facing a possible restructuring.

Indonesian property developer Modernland Realty is looking to restructure its two outstanding dollar bonds following missed payments and rating downgrades, and after wrapping up a debt restructuring domestically.

Redco Properties Group offered investors a hefty 11% coupon for its new bond on Thursday, using up the last of its offshore fundraising quota to raise $220m.

India’s Adani Green Energy is in talks with banks for project finance of more than $1bn, which some bankers think is ambitious.

Independent firms were the big winners of the 2008 financial meltdown. But they will find the Covid-19 crisis tougher to navigate, as they grapple with a unique set of challenges, writes David Rothnie.

German real estate firm ADO Properties has sold a €400m five year high yield bond, its first since an audacious merger with competitors Adler Real Estate and Consus.

Chinese property companies Sunac China Holdings and Ronshine China Holdings came to the dollar market on Wednesday, both with four non-call two year bonds. But a smaller deal size helped Ronshine get away with a tight price.

Now is not the ideal time to be a port operator. International Container Terminal Services has faced a tough year, as the Covid-19 pandemic and geopolitical turmoil take a toll on global trade. But the Philippine company, which develops and operates container ports and terminals, moved quickly in response to the crisis in early 2020, boosting its liquidity and freezing its capital expenditure. ICTSI followed with two successful dollar bond sales in June and July.

Nestor Paz-Galindo has become global co-head of M&A at UBS, replacing Greg Peirce, with Philipp Beck succeeding him as head of M&A for Europe, the Middle East and Africa.

Phoenix Pharmahandel, the German pharmaceutical company, issued a five year euro-denominated bond on Wednesday, as pharma companies across the credit spectrum continue to hold investors’ attention.

Country Garden Holdings Co, one of the biggest Chinese high yield property borrowers, returned to the bond market with a dual tranche deal on Tuesday, raising a combined $1bn from the transaction.

Chinese property and construction firm Jiangsu Zhongnan Construction Group Co raised $200m from a sub-one year bond deal on Tuesday