Loans and High Yield

Embattled UK clothing retailer New Look is embarking on its second round of credit restructuring in two years, after gaining support from its lenders and the majority of its noteholders for a debt for equity swap. It is planning on reducing senior debt from £550m to £100m.

Indonesian tanker company Soechi Lines, which is facing a big hit to its shipyard operation, is in discussions with banks for a refinancing loan.

Chinese delivery company Yunda Holding Co made its debut in the dollar market on Wednesday, raising $500m.

US corporates under stress from Covid-19 economic shocks, especially those in the real estate sector, have been struggling in their renegotiations of loan and swap agreements as power has flowed back to the banks, writes Ross Lancaster.

Christina Too and Gordon Butterworth will join Deutsche Bank as managing directors in its healthcare investment banking coverage and advisory team for Europe, the Middle East and Africa.

Redco Properties Group returned to the dollar market with a sub-one year bond on Tuesday, two weeks after using up its offshore issuance quota.

Chinese property developer Fantasia Holdings Group Co reopened a bond initially sold three years ago in a bid to lower its funding costs, taking $200m from the tap.

Arthur van der Goes is joining William Blair’s investment banking franchise from Rabobank.

Chinese property developer Yanlord Land Group has increased the size of its latest borrowing to $1.1bn-equivalent after receiving strong response during syndication.

Anne Stevenson-Yang is a director and co-founder of J Capital Research, a New York firm and short seller that specialises in Chinese companies, as well as international companies looking to grow their business in China. GlobalCapital spoke to Stevenson-Yang about the dangers of trusting financial reporting from China, and steps stock exchanges could take to stifle the likelihood of fraud.

Institutional investors holding Hammerson’s £689m ($900.27m) of private placements (PPs) are to be offered a pre-payment option first after the UK property company’s intended rights issue, according to a prospectus on the upcoming trade. Unlike the UK property company’s bondholders and bank lenders, during their coronavirus amendment process, PP investors negotiated an offer of pre-payment at par of 30% of any proceeds of capital raises or disposals.

Indian agricultural company Jain Irrigation Systems, which has been navigating a liquidity crisis for more than a year, has put in place two restructuring plans for its onshore and offshore debt.