Loans and High Yield

Adler Group, a BB+ rated company bringing an IG-style refi trade, looks set to be the first European levfin deal of 2021, with a mandate out on Wednesday for a dual tranche issue led by JP Morgan. The German property business had a transformative 2020, with two big acquisitions and a rights issue, and was last in the bond market in November.

MUFG has given Darryl D’Souza a new position under Matteo Ferrario, where he will lead part of the bank's strategy for financial institutions.

Issuers from Greater China flooded the market with dollar deals on Tuesday, capitalising on strong appetite from investors ready to put money to work in the new year.

Dollar bond issuance from Chinese property companies went up a notch on Tuesday with seven firms printing deals. On Monday, the first working day of the New Year in the region, four Mainland developers had wooed investors.

Bankers are readying a fat pipeline of new primary projects in leveraged finance, which are likely to meet a deep swell of investor demand, but the starting gun has yet to fire, with high grade and frequent borrowers setting the tone for now.

Chinese property borrowers reopened Asia’s primary dollar bond market on Monday, with four issuers raising nearly $2bn between them following solid demand from investors.

UK gambling firm Entain, the former GVC Holdings, rejected a buyout bid from MGM on Monday morning, which could have added a second multibillion gaming deal alongside the Caesar’s bid for William Hill. MGM had offered to pay in stock, but regardless, the year is looking bright for debt-funded UK buyouts, with a healthy pipeline building.

The Asian dollar bond market reopened with a bang on Monday as six borrowers launched new transactions, with DCM bankers preparing for a busy January.

Chinese corn oil manufacturer Shandong Sanxing Group Co has extended the deadline for an exchange offer on its $200m 7.99% 2021 bonds for a third time.

Fondo Gomma Plastica, Fopen, Pegaso and Previmoda are looking for a direct lender to manage just under €200m of capital, in a push for higher yielding assets.

French supermarket group Casino has announced the results of its tender offer, with investors willing to give up roughly €822m out of a possible €1.2bn of bonds.

The problem of ocean plastic is so daunting that it is tempting to despair, believing nothing can be done — or at least, that only the might of governments and international organisations stands a chance. A few entrepreneurs, however, are convinced this fight can become investable for mainstream capital markets.