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.