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Investment Grade Loans

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  • Indian conglomerate Reliance Industries has made a quick return to the loan market, raising a $1bn facility to refinance a bond maturing later this month.
  • German railway wagon lessor VTG has sold €550m of private placements to institutional investors in Europe and the US, according to market sources. More and more, US PPs are being marketed to traditional Euro PP investors.
  • Newlat, the Italian food company, has made an offer for UK bread maker Hovis, as foreign companies continue their push to pick up some of the UK’s best known firms.
  • ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has picked six banks for a $700m borrowing.
  • Inland Homes, a UK housebuilder, has triggered an accordion clause on a sterling loan to finance extra construction, as lenders say there are signs that companies are using money to invest again rather than firefight the effects of Covid-19.
  • Schuldschein lenders are gearing up for a wave of borrowers to tap the market this month, looking to capitalise on mounting piles of investor cash.