Loans and High Yield

Adam Bagshaw, up until now a senior figure at Deutsche Bank, is joining HSBC to co-lead advisory and investment banking coverage.

Fahmi Quadir, founder of short-only Safkhet Capital, tells GlobalCapital her hedge fund increased its short position in Wirecard as the crisis surrounding it unfolded. She said German regulator BaFin should have properly investigated the claims levelled at Wirecard years ago, and pointed to the problem of auditors developing long-term relationships with companies.

The second slice of the ThyssenKrupp Elevator financing hit the market on Wednesday, with €4bn of bonds announced across secured and unsecured tranches in dollars and euros, joining the €3bn of loans earlier this week as part of the package to fund Europe’s largest LBO in a decade.

PetroVietnam Gas Joint Stock Corp has finally signed an offshore loan that closed syndication last year, after delays over registration with the country’s central bank.

Singapore’s Keppel Infrastructure Trust and Cleantech Solar have raised S$700m ($502m) from a sustainability-linked loan and $75m from a green loan, respectively.

Taiwanese company Inventec has become a rare example of a company in Asia that has tweaked its loan structure to prepare for the discontinuation of Libor. Progress is still slow, but banks are slowly coming to grips with the big task ahead of them, as the market moves to a new lending benchmark. Pan Yue reports.

Chinese property company Agile Group Holdings’ new $500m bond tumbled in the secondary market on Wednesday after the firm took an aggressive approach to pricing.

Chinese property developers Ronshine China Holdings and Sichuan Languang Development Co returned to the market on Tuesday to reopen their dollar bonds. Both the borrowers priced their taps tightly, but saw their notes widen in the secondary market.

Uruguay-headquartered Navios South American Logistics on Tuesday notched a $500m 10-year bond that left the company with a far more comfortable debt maturity profile. But Navios had to improve terms for investors — and wait a week after it first announced the issue — to get the refinancing done.

Indomobil Finance Indonesia has launched a $240m borrowing into general syndication, changing its approach to the fundraising after market sentiment improved.

Healthy financial systems should not rely on short sellers and journalists to expose accounting scandals at large, publicly listed companies. Regulators and auditors should have been the heroes of the Wirecard story but their inability to see what others saw plainly paints them as the villains in this edition of German corporate noir.

Fosun International pushed pricing aggressively for a new deal on Monday, but the $600m bond still surpassed its size expectations.