Loans and High Yield

JP Morgan has named Mahir Zaimoglu head of EMEA financial sponsors M&A and deputy head of its sponsors group, in a move intended to reflect the increasing importance of PE firms, sovereign wealth funds and family offices as drivers of M&A activity.

One of the most radical reforms ever made to financial markets is set to become law in a matter of weeks. Investors in Europe will have to ask clients about their environmental, social and governance preferences, and then abide by these choices.

The European Commission adopted its first Sustainable Finance package on Thursday — draft laws that will begin to implement its strategy. The proposals have been changed at the request of an internal EC committee, to make them more workable, especially when it comes to the planned Taxonomy of green and sustainable activities.

First Pacific Co is using a new $175m bond, as well as a bank loan, to help fund a tender offer, part of a liability management exercise.

Weeks of currency depreciation, emerging market outflows and violence domestically have taken a toll on Indonesia’s credit and equity markets, despite the central bank making some effort to assuage the volatility. What lies ahead for the country? Morgan Davis finds out.

Ithaca Energy and Imagina joined a recent spate of European leveraged finance issuers failing to price deals or amending documentation this week. Investors have said they are recalibrating their portfolios after bingeing on debt from certain sectors, despite generally strong appetite for speculative grade paper.

Fosun Industrial Co has returned to the offshore market for a $550m three year senior term loan that will refinance debt taken on for an acquisition last year.

Tianqi Lithium Corp and CEFC China Energy Co were thrust into the limelight this week after their existing dollar bonds plummeted in the secondary market. Addison Gong reports.

Delaware-based chemicals group Chemours added to the surge of reverse Yankee issuers with a new euro deal this week, as sources report growing interest from non-European bond investors in the currency.

Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.

A leaked copy of draft EU legislation, seen by GlobalCapital, shows that the Regulatory Scrutiny Board, a committee that makes sure EU laws are well drafted and not too onerous, has made the Commission water down its plans to tighten regulation of green investment benchmarks. But strong rules are coming on investors’ duty to consider environmental, social and governance matters and the shape of the sustainable Taxonomy is emerging.

Alvarez & Marsal has continued its drive into the transaction advisory business with the hire of four managing directors in Paris. The firm believes the moment is opportune because of regulatory change and the 'Macron effect'.