Loans and High Yield

Travel company Tui announced its third bailout package since March on Wednesday, adding a substantial equity cheque to more state-backed debt, as troubled companies shift their focus from emergency cash to stable capital structures. A sharp rally in the company’s shares helped firm up the rescue package, but some questioned whether the new money will be enough.

Webuild, the Italian construction company formerly known as Salini Impregilo, has launched a refinancing of its €600m 2021 bond, after finally completing the takeover of stricken competitor Astaldi at the beginning of last month. The new tender offer is intended to finish a refi attempt started in January, which received lacklustre take-up.

AIIB's Mills Hagen leaves for Opec Fund — Horta Osório to chair Credit Suisse, replaced by Nunn — Mulderrig to head up European debt syndicate at UBS

The European Leveraged Finance Association, a trade body of investors, has slammed terms in the $1bn buyout bond for Ancestry.com which cap investor voting rights, hoping to stop the new feature in its tracks and prevent sponsors including it in European transactions.

Hong Kong property company New World Development Co used a fixed-for-life perpetual structure to net $700m on Wednesday.

Shares in Fugro, the Dutch geo-data specialist, rose by over 7.5% in trading on Wednesday after the company set terms for a €197m rights issue. The cash call is part of a comprehensive refinancing package that finally resolves longstanding issues around debt maturity.

BC Partners-owned advanced ceramics company CeramTec has issued an add-on to its term loan 'B', raising another €175m — enough to push its senior secured rating down into the single-B category. But the opportunistic move to raise new cash will give the company firepower for future M&A.

Moody’s has changed its outlook on the EMEA corporate sector from negative to stable, though lenders say they are still on standby for another deluge of financing requests if the economic recovery is scuppered.

Mid-market firm CapVest won the auction to buy software provider Datasite with a unitranche loan in October, and it is now taking out the senior layer with a public syndication to firm up the financing on better terms. It's a deal that combines the strengths of public and private funding.

PGIM has hired Steve Logan as a senior portfolio manager in its European leveraged finance operations.

US direct lender Owl Rock has hired its first employee in London, as it seeks to develop its business in Europe.

Four Chinese borrowers hit the dollar bond market on Tuesday, raising $745m between them.