Loans and High Yield

Credit Suisse has begun an overhaul of its leadership following the collapse of Archegos Capital, as well as losses from the bank’s ties to Greensill Capital. The Swiss lender has cut dividend payments by two thirds, and slashed bonuses for senior executives.

The equity markets have ploughed nine times more capital into fossil fuels than green energy in the past decade, and lost $120bn as a result. The tide is turning, but the amounts going into clean power are still pitifully small compared with the needs, according to research by Carbon Tracker this week.

ReNew Power, a regular issuer from India's renewable energy sector, raised $585m this week from another green bond – and another complex structure.

Chinese property developer Logan Group Co has returned to the dollar bond for the second time this year. It was forced to navigate a much more difficult market this time – and ended up paying around 20bp over fair value.

Institutional private credit is emerging as a competitive substitute for bank lending in Europe, but companies need to remember that alternative lenders define what they are looking for more narrowly than banks.

Gatwick Airport brought its debut subordinated bond to market this week, a high yield issue raised from its holding company that found investor demand for more than three times the deal size, and that was priced at the tight end of talk.

Swiss technology firm Comet served up a niche sub-investment grade bond to high net worth investors this week, issuing a 1.3% Sfr60m ($64m) five year.

Leads tightened pricing and increased the size of an opportunistic maturity-pushing loan and bond refinancing for French supermarket Casino this week, with investors keen to buy the company’s turnaround story and look past the troubles of its holding company, Rallye, which needs a slug of cash to pay bondholders in 2023.

Asian sponsor-backed firms are following their Western peers in tapping the loan market for dividend recapitalisations, encouraged by a buoyant stock price and low debt levels. Rashmi Kumar reports.

The fact that a large US insurance company could offer the English Football League better lending terms than UK banks or other investors is revealing. UK lenders are shying away from deals, which has opened the doors to institutional investors. The speed with which a tailor-made EFL deal was done shows how quickly they can replace traditional creditors.

US institutional investor MetLife has offered a more attractive loan package to the English Football League — England's second, third and fourth professional football divisions — than the UK government and bank lenders.

Leads have tightened pricing and increased the size of Casino’s maturity-pushing loan and bond refi, with investors keen to buy the company’s turnaround story and looking past the troubles of holding company Rallye, which needs to find a big slug of cash to pay bondholders in 2023.