Loans and High Yield

Encore Capital is launching a £250m refinancing to push out its maturity profile and pay down the last bond issued under the Cabot Credit Management brand. The move comes following strong results published in early May and an upgrade to positive outlook from Moody’s.

Grünenthal, the German opioid maker, has signed a €400m revolving credit facility, less than a month after making its postponed debut in the high yield bond market.

Three Chinese companies decided to tackle their refinancing needs on Monday with new bonds, grabbing a short issuance window ahead of a public holiday in Hong Kong and some other Asian markets on Wednesday.

Citi has replaced the former head of its EMEA alternative assets group with a promotion from within, Theo Giatrakos, who will work alongside a newly hired chairman, Didier Denat, the former head of corporate banking at Credit Suisse.

A number of Chinese high yield borrowers that hit the dollar bond market this week have seen mixed responses to their notes in secondary trading, which bankers say is a sign of changing market sentiment and investor response.

Turkish companies and banks are succeeding in raising funds in international debt markets, even as the country strays near the edge of an economic precipice and experienced investors view Turkish risk with disdain.

The UK's High Court delivered a ringing endorsement of the country's new restructuring regime this week in a landmark ruling on gym chain Virgin Active, showing that companies have a new route other than CVAs to cut their debts to landlords. Silas Brown and Owen Sanderson report.

Finnish healthcare provider Mehiläinen increased the size of its ESG-linked refi loan from €300m to €1.06bn, refinancing not just the second lien loan, as originally intended, but the company’s entire first lien capital structure. Leads HSBC and Jefferies also tightened the margin range from launch levels.

Commercial landlords in the UK are angry about gym chain Virgin Active’s restructuring plan, and with good reason. Many of them have lost out heavily, while senior secured creditors got away with little more than an amend and extend.

A group of nine issuers from Asia sold green or sustainability dollar bonds this week, propelling volumes to new highs. A large part of the debt business in the region is still focused on green and the environment, but there is growing urgency to pay more attention to governance standards. Morgan Davis reports.

Guandong Haid Group Co and Shenzhen Yuto Packaging Technology Co are both making their debuts in the loan market.

Diagnostics firm Cerba Healthcare has made the key performance indicators on its sustainability-linked loan more ambitious after talks with leveraged loan investors on its financing for its buyout by Swedish private equity firm EQT. The deal was priced late Thursday at the tight end of the range.