Loans and High Yield

Credit Suisse expects to make a pre-tax loss in its investment banking and capital markets (IBCM) division this year, it said at an investor day on Wednesday. But it pointed to a strong pipeline for 2020.

Investors gobbled up a high yield bond offering by US plastic packaging company Berry on Thursday, encouraging the company to increase the size twice, eventually reaching over €1bn. Berry is the only speculative grade company to issue a major bond this week in Europe, as most issuers stayed away from a market anxious about the UK general election.

Indian issuers thronged the offshore bond market this year, with volumes from the country easily beating 2018 numbers. But cracks in the market have started to show. While deal flow will be strong in 2020, concerns around the health of the financial sector and the changing status of state-owned enterprises are keeping investors on edge. Morgan Davis reports.

Dongying Fangyuan Nonferrous Metals and Dongying Lufang Metals Material have stopped the syndication of a $300m loan.

Chinese state-owned commodities trader Tewoo Group has announced the final results of its offshore debt restructuring, with investors accepting losses on their principals or facing delayed repayments up to 2039.

Increasingly divisive and unpredictable UK politics is threatening the favourable conditions on which private equity firms and the leveraged finance industry have relied during the post-crisis years. Most levfin bankers and PE partners breathed a great sigh of relief on Friday morning, when the risk of a Jeremy Corbyn-led government dissipated and no deal Brexit became far-fetched — but uncertainty over Brexit remains. Karoliina Liimatainen reports.

Struggling Swiss steelmaker Schmolz + Bickenbach has launched an emergency rights issue after the Swiss market regulator FINMA approved it on Monday.

On Wednesday, just as the European Commission launched its European Green Deal to move Europe to a carbon-neutral and environmentally friendly future, France led a revolt against the Taxonomy which was the centrepiece of the EC's Sustainable Finance Action Plan.

The European Commission launched its European Green Deal on Wednesday, calling for “massive public investment” to tackle climate and environmental challenges which it calls “this generation’s defining task”.

Jeremy Corbyn’s Labour Party has gained on its political rivals in the latest polls, a day before the UK's general election, leading to jitters in the corporate bond market.

Wynn Macau, a hotel and casino resort, raised $1bn from its bond return on Tuesday, surpassing expectations on both size and price.

Kunal Gandhi, the head of corporate broking at Barclays, has left the bank, GlobalCapital understands.