Loans and High Yield

Indonesia’s Pan Brothers has requested Moody’s to withdraw its corporate issuer rating after a spate of downgrades this year, as the textile company struggles to put together a loan to meet some of its looming maturities.

Leveraged companies or sponsors seeking financing are moving quickly to fund in the immediate aftermath of the November 3 US election. Monday morning saw more than €3bn-equivalent of new supply across high yield bonds and loans announced, across six separate issuers.

VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has made a rapid return for a $150m loan.

JP Morgan's Raj Kapadia has joined MUFG as international head of capital markets, as the firm increases its leveraged finance focus. It has also set up a new group to advise clients at the C-suite level on market and macroeconomic developments, led by Tom Joyce, a hire from Deutsche Bank.

Indonesia coal producer Indika Energy was back in the debt market on Thursday with a $450m bond.

Asia’s dollar bond market has been swamped with new deals this week. Thursday was no different, with corporate borrowers from Greater China alone raising just over $3bn between them.

Taiwan-based notebook computer maker Inventec has increased the size of its revolving loan to $500m after attracting 11 participants during syndication.

Canpack, a Poland-based packaging company, made its debut in the euro and dollar high yield market this week, shaking off the constraints of its private placement-based capital structure and preparing for expansion in the US.

International Personal Finance, a UK-listed doorstep lender, asked bondholders to ease covenant limits as part of a package of measures to push out its maturities and manage the impact of the Covid-19 crisis on its funding.

The bond piece of Rolls Royce’s £5bn Covid-19 rescue plan was a storming success this week. The issue doubled in size on the back of a combined book of £14bn, showing the firm still has excellent access to private sector liquidity — a strong message as Rolls turns to shareholders for a £2bn rights issue.

SMC Global Power Holdings Corp was one of the few Asian issuers outside of China to turn to the dollar market this week. The Philippine borrower attracted ample investor support, allowing it to raise more money than it had first planned.

Ripple, the US cryptocurrency company, has launched a line of credit available to some of its customers, as corporate financers say that blockchain technology will likely continue to create new services associated with traditional banking.