Loans and High Yield

Shandong Iron and Steel Group Co raked in $500m this week, as investors welcomed the long-term prospects of the Chinese company.

Thai agri-business firm Charoen Pokphand Foods’ subsidiary, CPF Investments, is in the market for a new $400m loan.

McLaren, the sports car manufacturer, closed its $620m five year deal with a 7.5% coupon on Thursday after investors piled into the order book.

Larger Asian and European commercial bank lenders are being scaled back by as much as 90% in certain Schuldscheine, as sluggish deal flow prompts arranging banks to make tough decisions.

Borrowers from Greater China rolled out five new bonds on Wednesday to raise more than $2bn between them.

Oil and gas company Ithaca Energy has launched a five year senior unsecured bond, looking to refinance its 2024 notes and repay part of a shareholder loan from its Israeli parent Delek.

The Vietnam consumer finance subsidiary of Korea’s Mirae Asset Financial Group has become the latest firm to join a flurry of Vietnamese financial institutions in the loan market.

Far from heralding the dawn of a new post-pandemic paradise, England’s removal of almost all social restrictions this week could easily lead to a sharp rise in corporate defaults.

At the start of the pandemic, it made total sense for investors to pile capital into distressed debt funds. More than a year on, the decision looks like less of a slam dunk.

French supermarket chain Casino has extended a €1.8bn syndicated loan to July 2026, as it tries to keep on track with its deleveraging road to recovery. Its subsidiary Monoprix has also obtained the group’s first sustainability-linked loan.

Car Inc is seeking a new loan after an absence of five years from the market, but it will have to navigate the fallout from Luckin Coffee’s past governance concerns and the latest crackdown by China on technology companies to get its deal across the finish line. Pan Yue reports.

Chongqing Pharmaceutical (Group) Co is making its debut in the loan market for $150m. It is set to directly compete against a larger Chinese state-owned peer that is also testing lenders’ appetite for a new fundraising.