Loans and High Yield

ARA Asset Management and property company Chelsfield have raised a S$385.8m ($286m) green loan to finance the acquisition and renovation of 5One Central, a commercial building in Singapore.

UK chancellor Rishi Sunak’s announcement that large UK companies, whether listed or private, would need to make climate-related disclosures, was a step towards an important principle — that corporate transparency is a public good, and should be driven by governments, not listing authorities.

Market euphoria following news of Pfizer’s potential Covid-19 vaccine has helped underwriting banks dodge a likely loss on one of the hardest bridge loans to shift all year, with the bond now guided six points higher than at launch and nearly three times covered.

Sterling supply in high yield and leveraged loans has proved a rare sight since the 2016 Brexit vote, with UK-based borrowers preferring to seek euro funding where possible. But this week has brought a relative bonanza — three deals — in the currency.

Three Chinese property companies launched dollar bonds on Monday, continuing to take advantage of the post-US election momentum.

India’s Emcure Pharmaceuticals has returned to the loan market after four years, seeking a small amount of $34m.

A number of investment banks have withdrawn from arranging deals in the Schuldschein market, according to data sets seen by GlobalCapital, as international supply shrinks and institutional focus moves elsewhere.

Professional services firm Alvarez & Marsal has hired a senior figure from Deloitte to help grow its debt advisory business in European private credit.

Strong markets on Monday morning helped Barclays and Jefferies launch the long-awaited bridge financing for PureGym’s takeover of Fitness World, one of the last pre-Covid facilities yet to come out in the capital markets.

Three property companies from Greater China hit the bond market last Friday, raising $850m between them even as the US presidential election battle raged on. With Joe Biden now announced as the president-elect, the issuance spree in Asia only picked up pace on Monday.

Trainline, the UK train ticket booking company, has warned that there is a risk of a covenant breach on its £350m revolving credit facility, despite lenders already agreeing not to test the covenant until August 2021.

India’s JB Chemicals & Pharmaceuticals has wrapped up a $206m loan to support KKR’s acquisition of a majority stake in the company.