Loans and High Yield

Puma, the sportswear maker, launched Schuldscheine on Monday tied to its sustainability performance.

Lazard said it was rehiring Sam Whittaker as a managing director in its restructuring group, after Whittaker spent the last five years at boutique rival PJT Partners.

Brussels Airport is looking to sell US private placements, according to market sources. It is the first European airport to try its luck in the market since the coronavirus reached Europe.

Aston Martin’s rescue financing was battered by brutal markets late last week, with the Crossover widening around 40bp between announcement and pricing, and risky triple-C rated bonds selling off still further. Tuesday’s price talk of high 8% to 9% proved far too ambitious for the troubled UK car manufacturer and the deal eventually cleared at 10.5% on Friday afternoon, with investors offered extra upside through a longer non-call to tempt them into the book.

Credit Suisse has hired two new managing directors in its EMEA leveraged finance origination business, one from a client company.

China Oceanwide Holdings has returned for a $291m loan that is backed by a letter of credit.

Taiwan’s technology service company Wistron Corp has returned to the loan market for a $300m facility.

Shandong Iron & Steel Group Co was forced to pay 50bp more than it expected for a new $500m three year bond on Thursday, despite trying to appeal to investors with a positive spin on its future fundraising plans.

Private equity firm Gaw Capital Partners is in talks with banks for a new borrowing to support its potential acquisition of Cityplaza One, a commercial office building in the heart of Hong Kong.

BNP Paribas has shaken up its advisory business to address underperformance in its home market, but this must be more than a quick fix to restore national pride, writes David Rothnie.

Capital markets players have a variety of stances on the forthcoming US presidential election. A survey by UBS this week found 51% of wealthy US investors wanted Joe Biden to win, while 55% of business owners favoured Donald Trump.

A Climate Bonds Initiative and Credit Suisse document on ‘financing credible transitions’ may help to create a market standard for judging when a company is moving to a net-zero carbon future. One of its creators said that, in theory, firms could raise dedicated transition equity as well as debt.