GLOBALCAPITAL INTERNATIONAL LIMITED, a company

incorporated in England and Wales (company number 15236213),

having its registered office at 4 Bouverie Street, London, UK, EC4Y 8AX

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Emerging Market Loans

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  • Cambodia’s Acleda Bank has returned to the loan market after a three-year absence, and is testing lenders’ appetite for three different deals simultaneously.
  • Vietnam’s VNDirect Securities Corp has tapped the offshore loan market for the first time for a $50m borrowing.
  • Investment firm China Renaissance Holdings has closed its debut offshore borrowing of $300m.
  • The Asia Pacific Loan Market Association, a trade body, has appointed Pedro Cheung as its new chairman.
  • Senegal and Cameroon mandated banks this week to bring them back to the debt capital markets. Despite wide uncertainty about African sovereign debt restructuring, market participants said credit conditions were conducive to issuance.
  • Thailand’s Charoen Pokphand Group, which tapped the loan market for a $7.2bn bridge loan last year to acquire retail giant Tesco’s Asia business, is now seeking covenant waivers on the fundraising. The move — which bankers say is triggered in part by CP’s plan to offload some of its newly-gained stake in Tesco — has hurt lenders’ confidence in the Thai conglomerate and raised questions around its strategy. Pan Yue reports.