Loans and High Yield

CPF Investments, a unit of Thai firm Charoen Pokphand Foods, has returned to the loan market for a refinancing of up to $1bn.

Chinese property developer Skyfame Realty Holdings grabbed $87.5m from a 364-day bond on Tuesday.

Melco Resorts Finance was forced to pay a premium to secure orders for its $500m bond this week amid a wider underperformance of recent casino deals.

Carnival Corp, the largest cruise line in the world — badly stricken by the impact of coronavirus on its business — raised €425m and $775m of 5.5 year bonds on Wednesday, which will be subordinated to the $6.25bn of bank loans and senior secured bonds it issued in June and April respectively.

A recent surge in dollar bond supply tempered enthusiasm among investors for Vista Land & Lifescapes’ $200m outing.

Chinese high yield names continued to flow into the offshore market this week. Property developer RiseSun Real Estate Development Co took $250m from a 364-day bond, and financial firm Tongchuangjiuding Investment Management Group Co raised $300m.

Indian solar power company SB Energy pulled its planned dollar bond late on Monday after grappling with a soft market backdrop and investor demand for a juicy premium.

Cifi Holdings (Group) Co sold its first green bond on Monday, raising $300m from a deal that received $2.25bn of investor order at its peak.

HIG Capital has appointed a new head of HIG WhiteHorse Europe, the private equity firm’s European direct lending affiliate.

Austrian sensor maker AMS has added €200m and $50m to its July 2025 notes, taking the total to €1.25bn. The debt raise is intended to refinance a €2.77bn bridge loan, of which €1.47bn is drawn, used to buy Munich-based lighting maker Osram.

The Australian short seller, John Hempton of Bronte Capital, told investors that the profits his hedge fund Bronte Capital made on Wirecard’s collapse will not make up losses incurred during his lengthy short of the German payments company. It was an illustration, he said, of the dangers of betting against frauds and highlights the importance of risk management.

Chinese car manufacturer Great Wall Motors has paid up for its return to the loan market for a $440m-equivalent dual-currency deal.