Loans and High Yield

58.com, a Chinese company that focuses on online classified advertisements, is in talks with banks in the country for a financing package of $3bn to support its take private.

Chinese real estate companies China Fortune Land Development and Ronshine China Holdings raised a combined $550m in the bond market on Tuesday, but their tight pricing did not appeal to all investors.

Hong Kong-based Lei Shing Hong Credit has added a TaiFX-Libor clause to its new $320m loan, allowing it to offer a margin that is flat to its last transaction.

Central China Real Estate and Greenland Holding Group Co raised a combined $900m in the international debt market on Monday.

Banks leading the acquisition loan for equipment finance firm Boels have increased the size of the distributed portion of the offering and cut the discount on offer, as a strong market backdrop helps clear the hung bridge backlog from before the onset of the coronavirus.

Carton manufacturer SIG Combibloc is preparing to refinance its capital structure with a dual-tranche three and five year bond, moving to an unsecured debt package as it targets an eventual investment grade rating.

Marcus John, founder and chief executive of Sports Capital Advisors, tells GlobalCapital to expect a wave of insolvencies in national sport leagues but, he believes, sports with global appeal should fare better after lockdowns ease. Whether TV rights, a key source of revenue for major leagues, will be impacted remains unclear.

Cambodia’s Prasac Microfinance Institution has increased its latest offshore borrowing to $95m after attracting eight participants during syndication.

Hong Kong-listed oil company Hilong Holding pushed back the exchange deadline for its 2020 bonds again on Monday, leaving the issuer with a short window to get the deal wrapped up before the notes mature on June 22.

A number of new dollar bonds were announced in Asia on Monday, with issuers buoyed by the strong investor support last week in both the primary and secondary markets.

Three European companies, one of them a high yield issuer, jumped into the corporate bond market on Friday, the first to test the waters after the European Central Bank's promise the previous day to top them up with another €600bn of liquidity through its Pandemic Emergency Purchase Programme (Pepp). They found overwhelming demand, leading to fast sales, an increase and deeply negative new issue premiums.

Each week, GlobalCapital journalists share some of the most interesting things they have been reading, from the profound to the quirky. This week has been marked by widespread protests across the US and the wider world, in reaction to an unarmed African-American man, George Floyd, dying while a policeman knelt on his neck in Minneapolis.