Loans and High Yield
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The Japanese bank has boosted its teams in New York and Singapore with bankers from Morgan Stanley, Citi and Credit Suisse
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US firm strengthens London office’s sustainability and financing expertise
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Central bank warns that debt stresses are going to rise to levels not seen since the global financial crisis
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IG spreads are still resilient but signs suggest macro headwinds are taking a toll
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Borrower signs 12 year deal as European high yield spreads tipped to soar
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Ian Dorrington to join in New York after 12 years at Deutsche
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Some banks and investors expect covenants to improve as risk rises
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UK companies are using market window to refinance leveraged debt
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Ineos brings €1.15bn-equivalent term loan ‘B’ with tranches in dollars and euros
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Portfolio managers expect Europe to be the sick man of 2023
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Gambling technology company and Belgian HR solutions company finance portfolio deals
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The commodities firm has sealed a loan to meet its July obligations, while keeping the door open for bonds
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Banks with memories of the 2008 financial crisis are preparing firepower for a big UK buyout amid volatile market conditions
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Credit fund manager appoints Ross Curran as head of responsible investing
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Cerba seeks €500m in last leg of €1.2bn buyout financing
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Glaser is leaving the credit fund manager at the end of the month
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Chinese property bond issuers continue to remain under pressure amid waning investor sentiment and underperformance of deals in the secondary market. While some companies are attempting to claw their way back, the sector still faces some big challenges.
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Gemdale Corp reopened the bond market for high yield Chinese property companies on Thursday with a $480m green deal that landed at fairly 'aggressive' levels.
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A $350m sustainability-linked loan for Cal-Comp Electronics (Thailand) Public Co has been launched into syndication.
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RBC Capital Markets has hired Citi's former head of structured credit sales EMEA, John Miles, to lead its recently established alternatives and private capital solutions (APCS) group.
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Taiwan’s Qisda Corp, which designs and makes electronic products, has wrapped up the first round of bidding for a NT$10bn ($358m)-equivalent dual currency loan.
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The number of industry sectors for which Moody’s holds a positive outlook reached a record high halfway through 2021, but investors say that there are some parts of the economy that the coronavirus pandemic has forever damaged.
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Aggreko, a Scottish company which offers temporary power, heating and cooling generation, has signed £2.5bn worth of loans to fund its acquisition by TDR Capital and I Squared Capital.
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Nordea Asset Management has appointed a new head of high yield, as its former head Torben Frederiksen left the company on Friday.
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An international consortium is seeking a $275m loan to support its acquisition of DuPont Clean Technologies.
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Though deals are not coming in thick and fast, a prospective issue from Altice International will keep the high yield market busy for the first few days of this week.
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Bank of America has hired Uday Malhotra back from Goldman Sachs as head of leveraged finance origination in EMEA in London, while Eddie Martin, a managing director in the division, is relocating to the US.
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Spanish waste management company Urbaser has postponed a €1.63bn prospective term loan ‘B’, with sources close to the deal blaming summer fatigue.
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Chinese online travel agency Tongcheng-Elong Holdings is making its debut in the offshore loan market for $200m.
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Acme Solar Holdings was one of the few borrowers in Asia to brave volatile market conditions on Thursday to sell its debut dollar bond.
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Credit spreads for corporate borrowers from sectors that will benefit the most from reopening from lockdowns are drifting wider as coronavirus infections rise thanks to the spread of the delta variant. Industries already battered by the pandemic face a rough autumn in capital markets if there is another major global wave of the virus.
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With PeopleCert and The Very Group closing high yield deals this week, the market is close to already trumping the yearly record of €103.2bn set in 2020. However, clear indications of a cooling period have pushed that moment into early August.
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Adamo, a broadband company, has agreed a €600m sustainability-linked loan, it said on Wednesday. The cash will be used for refinancing and to fund the expansion of its fibre network into rural Spain.
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Aligning with a global commercial bank has been on Jefferies’ agenda for several years, but its alliance with SMBC signals an intent to join the investment banking big league. By David Rothnie.
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The Loan Market Association (LMA) and the European Leveraged Finance Association (ELFA) jointly released a best practice guide for sustainability-linked loans on Wednesday. The guidance is aimed specifically at the leveraged loan market and stresses the importance of agreeing on clearly defined key performance indicators ahead of announcing a SLL.
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Chia Tai Animal Husbandry Investment (Beijing) Co, an onshore China entity of Thailand’s Charoen Pokphand Group, is borrowing its first offshore loan directly.