MUFG

Conditions are changing so fast with the coronavirus epidemic that each day could bring a change in sentiment, but for the time being leveraged finance is staying calm and continuing to function. There is more activity in this high risk corner of Europe’s capital markets than in any other, apart from sovereign, supranational and agency bonds.

Paccar Financial, the leasing arm of Paccar, the US maker of DAF, Kenworth and Peterbilt trucks, braved the European market on Wednesday to print a sub-benchmark sized bond, as syndicate officials said the market could move wider.

MUFG has put one of its co-heads of debt capital markets at risk of redundancy.

Chinese delivery services company SF Express is planning to repay a HK$5bn ($640m) loan sealed in September 2019 with the proceeds of a longer tenor bond issued last week.

ONGC Videsh (OVL), the international arm of Indian state-owned Oil and Natural Gas Corp, has mandated nine banks for a $1bn loan.

Power Finance Corp sold its third dollar transaction in six months, raising $750m from a slightly longer-dated deal.

Indian companies Birla Carbon and Tata Steel have mandated banks for loans and both borrowers have signed up large groups of lenders at the top level.

US food group General Mills sold €200m of short dated notes on Wednesday, in its first sole-led deal since 2017.

MUFG Bank has hired a veteran Citi banker to lead its corporate banking business in China.

Burak Kaya is joining MUFG Turkey to lead its corporate banking activity for non-Japanese firms.

India’s Power Finance Corp has wrapped up its $300m-equivalent dual-currency loan with nine banks on board.

Indonesian company Astra Sedaya Finance has closed a loan of around $200m that mainly targeted liquidity among Japanese banks.