Loans and High Yield

Charlie Jacobs, senior partner and chairman at law firm Linklaters, is set to become co-head of UK investment banking at JP Morgan.

Software company Iqvia had the euro high yield market almost to itself this week, as last Friday’s go-stale deadline slowed the frantic issuance which has characterised the year so far. As a double-B unsecured credit targeting pricing in the 2s, it was a punchy deal, but the result exceeded the issuer's expectations.

Grünenthal, the German pain relief medicine maker, has extended the maturities on €535m of term loan facilities, telling GlobalCapital it is open to various financing options, after a press report saying investors had shunned a new euro leveraged loan.

Martin Luehrs has been appointed to lead global capital markets at Morgan Stanley's Frankfurt-based broker dealer.

Pakistan’s Water and Power Development Authority (Wapda) is planning to sell its debut dollar bond in late March, in what would be a rare international corporate outing from the country.

VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has further increased the size of its loan to $230m after additional banks joined the deal.

US private placement agents have struggled to attract their typical stable of well rated corporates to their market this year. Public bond markets have proven too cheap for PP funding to compete and the European wing of the market has suffered as a consequence. But instead of waiting for the scales to tip back, agents should find new European borrowers from the financial institutions sector.

Dollar bonds from high yield Chinese real estate companies tightened in the secondary market on Tuesday, after plummeting in the run up to the Lunar New Year break amid news from firms under liquidity pressure.

Thai Union Group, a seafood producer, has raised its first sustainability-linked loan of Bt12bn ($401m)-equivalent from the Thai and Japanese markets.

Trafigura, one of the world’s largest commodity traders, has closed a Schuldschein issue in a debut that surprised many in the market. The deal shows there is an appetite for unusual credits among some of the market’s investors. Trafigura’s group treasurer told GlobalCapital that this SSD is only the first from his company.

One of Europe’s largest self-storage companies Shurgard has priced a new €300m US private placement, according to market sources.

Schuldschein investors have told GlobalCapital that dwindling deal flow has meant they have to look elsewhere for assets. Some have turned to the secondary markets and others to bilateral deals.