Loans and High Yield

Better quality high yield borrowers spotted a market window on Tuesday, with Spanish retailer El Corte Ingles and Dutch chemicals firm OCI both launching well-flagged double-B rated bonds on the back of Monday’s stronger trading session.

Karri Vuori has joined UK mid-market M&A firm Cavendish Corporate Finance as a partner.

Engineering Group, an Italian IT services company, has returned to market after pulling a deal in June, for a second attempt at taking out the buyout bridge for its acquisition by Bain Capital and Neuberger Berman.

Lippo Malls Indonesia Retail Trust is in discussions with banks for a S$120m ($87m) loan that will support its acquisition of shopping malls in Indonesia.

China Evergrande Group reached an agreement with a group of strategic investors to avoid upcoming repayments, easing recent concerns on a potential liquidity squeeze for the company.

Research from Bank of America shows European high yield issuers boosted their cash holdings by €97bn year on year, a 60% increase, and a record level for nearly all regions and sectors.

Technical changes to the UK government’s large business support scheme open the way for private equity-owned firms to draw on the facility, but limits on dividends and new indebtedness may still discourage sponsors from using the scheme.

Gabriel Levy will start as Natixis's global head of debt capital markets this week, replacing Michael Haize, who is moving over to the global markets division to become global head of rates and currencies trading.

Caesars Entertainment, the US casino operator, is in advanced talks to buy UK gambling company William Hill for £2.9bn in cash. The deal will be financed with an equity raising by Caesars of about $1.7bn and a new $2bn non-recourse loan, secured on William Hill's non-US assets. It may be the start of a cascade of M&A.

Volvo Car, the Swedish manufacturer owned by China’s Geely Holding, sold a debut green bond this week, days after saying its freshly published green finance framework would help it transform into an electric car maker.

China Evergrande Group’s dollar bonds rebounded on Monday morning after tumbling late last week. But the poor performance of the company’s bonds appears to have spread to outstanding notes from other Chinese property companies.

China’s Minth Group, an auto parts company, has closed its debut loan at a bigger size of $200m.