Loans and High Yield

Thomas Cook's shares and bonds fell on Monday after the company disclosed that it is in talks to raise £150m of capital from its creditors and largest shareholder to keep trading over the winter period.

Excellence Commercial Properties Co made a quick outing to the dollar bond market on Friday, raising $150m in its second offshore debt sale of the year.

Swissport, the world’s largest provider of cargo and airport ground services,has increased the loan portion of its debt raise at the expense of bonds amid a volatile August market.

Burford Capital’s debt and equity securities rebounded on Thursday, after the firm rebutted claims from short seller Muddy Waters Research that it was "arguably insolvent". The episode brought some rare excitement to the sterling retail bond market, but is perhaps emblematic of its decline over the past few years. Meanwhile, investors appeared undecided over whether Muddy Waters’ claims about the litigation funder were correct.

Changde Economic Construction Investment Group Co, a local government financing vehicle in China’s Hunan province, priced its debut international bond on the back of strong anchor support, in a week where both issuers and investors treaded carefully.

GlobalCapital has published the nominations for its Sustainable and Responsible Capital Markets Awards. The winners will be announced on September 17, at our Awards Ceremony in Amsterdam.

The weak state of investor protections on leveraged loans should spur creditors to engage borrowers early on debt restructuring, two lawyers have argued. The abundance of cov-lite deals mean traditional early warning signs have evaporated.

UK mining company Sirius Minerals has put its hopes of survival on getting a high yield bond away in September after it postponed a deal earlier this week. But investors are skeptical about the firm's chances. Sirius will run out of money by the end of September and its $3.8bn financing package will turn void on October 30.

Michael Reuther, head of Commerzbank’s corporate clients division, expects more firms to enter the bank’s "intensive care department" as economic pressures weigh on European corporates. And in his unit the cost of risk more than tripled in the second quarter, helping to shrink operating profits.

Barings has raised €1.5bn for its second European private loan fund, as the asset manager looks to grow a business that has seen the company lend €3bn over the last two years.

Vietnamese conglomerate Vingroup is planning a return to the offshore debt market to raise up to $750m from international bonds.

Credit Suisse's head of Greater China debt capital markets has quit the bank, according to sources.