Loans and High Yield

Autostrade per l’Italia, the Italian motorway group, is marketing a nine year unsecured bond through Morgan Stanley, capitalising on the strong demand demonstrated by TIM’s eight year issue on Monday, which came through fair value on a €3.9bn book.

Beijing Capital Group Co, which marketed a two-tranche deal on Monday, decided to ditch the planned perpetual note and instead price a larger senior tranche for cost reasons.

Vietnam’s Masan Group Corp is inviting lenders to join an up to $250m loan to support an investment into one of its subsidiaries.

Vingroup Joint Stock Co has launched an up to $400m loan to the market.

Practitioners believe 2021 could be the year when sustainable finance finally breaks out of the narrow confines it has inhabited so far and spreads more widely across the economy.

Sabrina Fox has been named chief executive of the European Leveraged Finance Association, following two years as executive adviser during which she rapidly expanded the nascent organisation into a buy-side trade association with 37 member firms.

Sixth Street and Investec this week both said they had closed European direct lending funds.

TIM, formerly Telecom Italia, had almost €4bn of demand for its debut sustainability bond on Monday, a €1bn eight year. The company put its sustainable financing framework in place last year, an umbrella document allowing it to raise green, social or sustainable finance in bond or loan format.

Investec has announced the first close of an inaugural direct lending fund targeting Western Europe’s small cap companies, which Investec believes are underserved by banks and other lenders.

Banks have launched the funding for Ineos’s purchase of BP’s aromatics and acetyls business into syndication, with €2.6bn of new first lien term loan 'B' on offer, plus a package of amendments to Ineos Styrolution’s existing bond and loan debt.

Alternative asset manager Tikehau Capital has hired a new chief operating officer for its private debt strategy, who will also be responsible for private debt investments in France.

Indonesian garment company Pan Brothers has been downgraded by Fitch Ratings for the third time in the past three months as a result of refinancing pressure.