Mizuho

Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.

Mitsubishi UFJ Financial Group (MUFG) and Mizuho Bank opened the Panda bond market for Japanese issuers on January 12, with both crossing the finish line on the same day.

Carlos Vargas, managing director in Latin American DCM at Mizuho Securities USA, has left the bank, GlobalCapital understands.

Mizuho International (MHI) is expanding its presence in the Middle East and has opened an office in the Dubai International Financing Centre (DIFC). The bank has moved over a DCM banker from London to head the team, and is eyeing further expansion.

Mitsubishi UFJ Financial Group (MUFG) has become the first Japanese issuer to tap the Panda bond market, crossing the finishing line on the same day as Mizuho Bank. The issuer focused on attracting local investors in its debut deal, raising Rmb1bn ($154m) from the onshore market.

Mizuho Bank opened the Japanese Panda bond market on January 12, sharing the title of first issuer in the category with Mitsubishi UFJ Financial Group (MUFG). But instead of aiming for a blockbuster transaction, Mizuho treaded carefully – raising just Rmb500m ($77m) from the debut deal.

Mizuho Financial Group has appointed Tatsufumi Sakai as its new president and group chief executive, succeeding Yasuhiro Sato, who is becoming the bank’s chairman.

Chinese conglomerate Tencent brought cheer to the dollar bond market on Thursday as it tapped pent-up demand with a four-part benchmark trade that amassed a $40bn order book.

Ford Automotive Finance (China) is preparing for a Rmb4bn ($614m) deal in the onshore asset-backed securities market – the first by a foreign originator in 2018. But the carmaker is not in the mood for change in the New Year, sticking with the same format it printed in last August.

On Wednesday French toll road operator Autoroutes du Sud de la France followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year new issue. Meanwhile Italian auto finance bank FCA Bank was also in the market with its first benchmark floating rate note.

Dollar investors had plenty of Chinese property bonds to choose from this week, with four issuers competing for their attention on Tuesday. But with no end in sight to the pipeline, companies will have to navigate the market carefully, or cough up a premium for their bonds.

Property companies Country Garden Holdings Co (CoGard), Times Property Holdings, Tahoe Group Co and Wharf Real Estate Investment Company hit the dollar debt market in force on Tuesday.