Loans and High Yield

Credit default swaps on UK retailer New Look will pay out 100% of notional, after an auction on Wednesday attracted no buying interest at all, leaving a final price of zero, an event almost without precedent.

Cinema company Vue International has relaunched the refinancing of its capital structure that was mooted last year. It wants to clear out sterling and euros high yield bonds and replace them with euro loans.

Bank of America has handed Jeff Tannenbaum oversight of leveraged finance for Europe, the Middle East and Africa.

UK broker finnCap Group has hired Graham Cooke and Krishan Raval from Royal Bank of Scotland and Livingstone Partners respectively.

Ping An Insurance (Group) Co of China raised $400m from a bond sold through its real estate business on Tuesday. While the deal carried the weight of the Ping An name, the issuer’s aggressive pricing strategy scared some investors off.

DNB Markets is marketing a new issue of up to €120m for Print I, the holding company of unrated SPGPrints Group, which has been an Investcorp portfolio company since 2014.

JP Morgan has appointed Xavier Bindel as co-head of technology investment banking for Europe, the Middle East and Africa, as it seeks to improve its capabilities in a brisk area of business.

Société Générale has hired a new head of M&A for France, replacing Alexandre Courbon. Two bankers have also been appointed to lead the diversified industries sector.

PetroVietnam Gas has launched a $250m loan in general syndication, attracting one bank during senior.

The Philippines’ Aboitiz Power Corp has launched into general syndication its $300m loan to back its acquisition of AC Energy.

Ulf Erlandsson, the well known green bond investor, and Knut Kjaer, founding CEO of the $1tr Norwegian oil fund, are exploring starting a new investment strategy called Diem Green Credit.

Adani Green Energy made its dollar market debut on Thursday, nabbing $500m with a green trade.