Loans and High Yield

Ping An International Financial Leasing Co has returned for a $340m loan to meet its refinancing needs.

Invesco changes fixed interest line-up — BofA makes Slowey equities head — NordLB hires two for DCM

HPS Investment Partners has provided a $1bn loan to Canadian train and plane manufacturer Bombardier as direct lenders make a play for larger companies through the pandemic.

Philippine conglomerate San Miguel Corp sold its first perpetual dollar bond on Wednesday, returning to the debt market after a seven year hiatus.

Hipgnosis, the UK intellectual property and song management company, has again increased the size of its revolving credit facility since first signing it earlier this year, weeks after the firm raised £236m through an equity raise.

Future Retail has missed a payment on a $500m debut bond, sold just six months ago, as Covid-19 hits the Indian company’s business.

Invesco has changed the line-up of its fund managers across a number of fixed interest funds, with Paul Read, co-head of fixed interest, stepping down from several funds.

Royal Vopak, the Dutch oil and gas storage company, has sold $500m-equivalent in US private placements.

Drinks bottler Refresco is targeting a €400m term loan 'B' deal intended to finance acquisitions in Europe and the US.

Several companies boasting Big Four accounting firms as auditors have emerged as fraudulent, leading many to wonder what value auditors bring to an investors' understanding of a company. The big issue is that auditors have little obligation to detect fraud at companies they audit, and neither it seems does anyone else. Until they do, investors need to stop believing a Big Four sign-off is a seal of approval. In fact, for a system supposedly built with its own reputation in mind, developed markets have offered investors very little protection.

KKR bidco Planets UK has signed a £2.5bn syndicated loan to support a £4.2bn all-cash acquisition of UK waste management firm Viridor, according to sources familiar with the situation. Merger and acquisition activity is set for a revival in the second half of the year, as previously deferred deals are brought back to the fore and at-risk companies are forced to rethink strategy, bankers say.

China ZhengTong Auto Services Holdings, a luxury auto dealership, surprised bankers this week after missing a principal payment on a dollar loan. Pan Yue reports.