Barclays

Debt was the answer to every problem in 2020, as companies tried to survive the coronavirus pandemic. Dusty revolving credit facilities that had never been touched were fully drawn, firms begged from governments, those that could flocked to the bond market. Now, with hope of the crisis easing, there is an awful lot of debt to clear up. Mike Turner reports.

Klépierre, the French shopping mall company, has signed a €1.385bn sustainability-linked revolving credit facility, with the coronavirus pandemic-hit borrower pushing out its refinancing needs to March 2024.

Dollar bond sales from India have seen a last minute pick-up before the year-end, with three firms pricing their deals in the past week. Indian companies, like the rest of the region, faced hurdles in accessing offshore funding this year, but bankers are optimistic about 2021. Morgan Davis reports.

Citi has hired Peter Kimpel as head of banking, capital markets and advisory (BCMA) for Germany and Austria. He joins from Barclays and was also previously chief financial officer at Rocket Internet.

InterContinental Hotels Group has negotiated a waiver and relaxation on its loan covenants for the second time in 2020, as its leverage threatens to plunge its rating into junk territory.

Adani International Container Terminal Private (AICTPL), part of India's Adani Group, sold its inaugural dollar bond on Monday. It raised $300m after receiving orders worth $2.85bn.

The Prudential Regulation Authority has told UK banks that they are free to resume dividend and bonus payments from next year, though pay-outs will be subject to caps based on profits and risk-weighted assets.

European corporate borrowers glided through their curves this week. With the European Central Bank hitting easing expectations after its meeting on Thursday, syndicate bankers are expecting more deals on screens despite the time of year.

Rating: Ba1/BBB-/BB+

The battle for the UK security firm G4S is entering its final phase, with initial hostile suitor GardaWorld potentially upping its offer after Allied Universal said it had agreed to buy the target company for £3.8bn.

Vedanta Resources sold a $1bn bond this week, easing mounting concerns about its debt repayment abilities. The metal and mining company’s return was not easy, as it had to concede to a number of investor-friendly terms. Morgan Davis reports.

Aroundtown, the Luxembourg-listed real estate company, maintained the trend for negative premiums in December’s buzzing corporate bond market, but syndicate bankers say that any disappointment from the European Central Bank when it meets tomorrow could slam the issuance window shut.