Loans and High Yield

Swissport is looking to reprice its existing €850m term loan and add on another €50m, in a test of market appetite to tighten terms for companies with owners outside the top tier group of sponsors. The refi comes as reports suggest HNA Holdings, the Chinese conglomerate, is once again looking to sell the company after talks last year collapsed.

Trans Retail Indonesia, also known as Carrefour Indonesia, has launched a dual-currency deal into general syndication, opting for a slightly different approach to paying participation fees to lenders.

Zhongliang Holdings Group Co has raised $250m from a 364-day deal, on the back of revived trading in Chinese high yield property bonds.

Peter Glaser will become sole head of European direct lending at Alcentra, as his former co-head Graeme Delaney-Smith is leaving the firm for retirement. Alcentra has also hired two senior people for its origination team.

Andrew Scotland has become co-head of Bayside Capital’s special situations debt activities in Europe.

TalkTalk has mandated only the second sterling high yield issue of the year, unveiling a £500m unsecured five year to take out its 5.375% 2022 and pay down a portion of its revolver. Sterling supply has lagged the broader high yield market, which has seen one of the best starts on record in euros and dollars

Dollar bonds sold by Chinese high yield property companies recovered from their trading lows at the end of January to become some of the highest performing notes in Asia last week. While that has created some positive momentum for the deals set to come to the market soon, analysts remain cautious.

Natixis, one of the investment banks that has gone furthest to prioritise greener financing, had to ramp up its provisions for credit loss from US natural gas producers in the fourth quarter, pointing to “structural transformation” in the sector. But it told GlobalCapital that it still saw opportunity in the industry.

PetroVietnam Gas (PV Gas) is in talks with banks about its syndication plan for a nine year loan.

As Goldman Sachs hunts for incremental gains in its investment banking division, it need look no further than its European franchise, where it continues to trail JP Morgan, writes David Rothnie.

For all the dry powder available in private debt markets, Isabel Marant’s high yield debut, priced on Wednesday and a trade squarely in the so-called sweet spot for private credit, showed that public markets still have the edge.

Central China Real Estate manoeuvred its way around China’s offshore bond issuance regulations on Wednesday by marketing a sub-one year note. The deal made Central China the first mainland property company to sell a bond in the wake of the coronavirus volatility.