Loans and High Yield

Pemberton, the direct lender and asset manager part owned by Legal & General, has appointed Robert Wartchow as a portfolio manager and managing director.

KKR-owned vending machine company Selecta was one of the first companies to have its owner inject super-senior ‘priming’ debt once the Covid crisis hit, pushing bondholders down the capital structure. But in its restructuring package laid out on Tuesday, KKR reversed this aggressive move, offering a creditor-friendly proposal that sent the bonds up 11 points.

Vietnamese food and beverage company Masan Group Corp is in talks with banks for a new borrowing, planning a return to the loan market after seven years.

Ford, the US car maker, offered investment grade bond investors the chance to dip into high yield on Tuesday, while its rival Nissan Motor is lining up a seven tranche behemoth bond issue that will create a euro curve out to eight years.

Green dollar bonds from Chinese high yield real estate developers are rare, but property companies have the potential to push the green market in the region to the next level — and see some pricing benefits in the process.

CPI Ronghe Financial Leasing, a subsidiary of Chinese state-owned State Power Investment Corp, has returned to the loan market for $150m.

Chinese car manufacturer Great Wall Motors has increased the size of its loan to $700m-equivalent.

Virgin Media has launched the financing for its £30bn merger with Telefonica’s O2 into the market, aiming to clear the full debt requirement for the blockbuster deal in a single hit. Announced on Monday were benchmark nine year term loan 'Bs' in dollars and euros, but the package also included a term loan 'A' and bonds, typically launched later to reflect their shorter execution time.

Chinese real estate company Kaisa Group Holdings has launched a HK$4.015bn ($518m) loan to support the construction of a residential building in Hong Kong.

Alcentra, the European subsidiary of BNY Mellon Investment Management, has appointed a new CEO. David Forbes-Nixon will step down to focus on his investment responsibilities.

Tatjana Greil Castro has been promoted to co-head of public markets at Muzinich an investor in corporate credit.

Corporate debt bankers say that the comprehensive restructuring and refinancing package agreed between baggage handler Swissport and its creditors is “just the beginning”, with a growing number of companies expected to restructure their debts as the Covid-19 pandemic drags on.