Loans and High Yield

Weil, Gotshal & Manges’ acquisition finance-focused head of banking is joining White & Case in London as the US firm looks to expand its leveraged finance offering.

Leveraged borrowers Adb Safegate and Groupe Ecore had active euro roadshows for floating rate debt, keeping the leveraged finance markets open this week.

Italian construction firm Cooperativa Muratori e Cementisti di Ravenna officially announced it would miss the November 15 coupon payment of its 2023 bonds.

Singapore’s Interplex Holdings pulled its planned debut dollar bond sale on Friday.

Ho Chi Minh City Power has sealed Vietnam’s first syndicated financing in the onshore dong market, with a bevy of Taiwanese and South Korean lenders piling in.

Chinese technology giant Baidu grabbed $1bn from a bond on Thursday, while a local government financing vehicle (LGFV) in Hunan raised $300m from a deal that was less than twice covered at its peak.

The chances of a profound transformation of financial markets to equip them to fight climate change rose this week, when the European Parliament adopted a bold set of policies that would require investors, banks and companies to take into account their impacts on the environment and society. Bonuses would be linked to sustainability targets.

A combination of high demand, asymmetric advice and aggressive borrowers is crushing protection terms for leveraged loan investors in Europe, according to fund managers, analysts and lawyers. But the level of demand means that more cov-lite deals emerged this week.

In the high yield bond market, borrowers have returned after a couple of weeks with almost no issuance because of mounting worries over covenant quality. But investors are giving these deals such differing receptions that this week’s picture is hard to read, said market participants.

New York-listed aircraft leasing company Aircastle, owned by Japan's Marubeni Corp, has returned to the loan market for a $250m revolving credit facility.

Barito Pacific and Bank Rakyat Indonesia have returned to the international loan market for new fundraisings.

Zhejiang Geely Holding Group Co raised $250m from an opportunistic deal on Wednesday, marking the first time the Geely parent company has sold a dollar bond.