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Tata Power subsidiary Bhira Investments, which has picked six lenders to arrange a refinancing of a $460m facility, is stretching the tenor of the new loan to five years.

Despite the terrible start for China’s equity market this year, primary issuance has kicked off with a bang. Year-to-date A-share equity capital market volumes are at a record high, with follow-on offerings leading the way.

One of China’s big four banks, Agricultural Bank of China, is seeking shareholder approval to issue Rmb80bn ($12.16bn) worth of Basel III tier two capital notes in the period up to the end of 2018.

Chinese hospital group Phoenix Healthcare has terminated an undrawn $150m loan raised in February 2015 due to the instability in the foreign exchange rate.

Hua Han Health Industry Holdings is eyeing the international bond market for the first time, having mandated one bank to work on a dollar-denominated deal.

European high yield trading depends closely on the US secondary market, where liquidity has declined as risk-aversion has deepened in recent months.

Shares in Saipem, the Italian oil and gas engineering company, fell to a new 14 year low today, after it released the pricing details of its €3.5bn rights issue at midnight on Thursday.

UniCredit has offered to buy back up to €1.8bn of subordinated bonds mainly held by retail investors for the third time this year, as it looks to clean up its capital structure.

LBBW decided to launch €1.25bn of three year fixed rate senior notes on Friday, after hints of more stimulus from the European Central Bank gave a boost to market sentiment.

Only one lender is understood to have made a commitment to join China Shengmu Organic Milk’s $120m three year facility, which has been in syndication since December.

South Korea’s Samsung BioLogics is set to send out a request for proposals for its IPO, which is likely to launch by the end of 2016, according to market sources.

Waste to energy firm Jinjiang Environmental is planning an IPO in Singapore to raise up to $500m in the first half of the year, according to sources close to the transaction.