Loans and High Yield

Casino operator SJM Holdings is planning a return to the loan market, as it looks to ride on the successes of two well-received bond deals this year.

Cambodian company NagaCorp navigated the difficulties posed by the closure of its casino to raise $200m on Monday, tackling investor questions and concerns while building up its cash reserves.

Former Goldman Sachs partner Tim Flynn co-founded credit fund manager Hayfin in 2009, with the global financial crisis of 2007-08 already in the rear view mirror. Having steered his firm through the European alternative credit market's first major test, he talked to GlobalCapital about how funds are managing their way through the Covid-19 crisis and whether their performance will attract more investors into the asset class.

Derichebourg, a French waste disposal and recycling firm, is looking to sell €300m of seven year senior unsecured green notes to finance the acquisition of private equity-backed competitor Ecore.

Following a shortened holiday week, the pace in leveraged credit is quickly picking up with a variety of companies announcing new loan and bond deals, from refis to acquisition financing, and M&A still running hot.

Blackstone, Carlyle and Hellman & Friedman announced over the weekend that they would be taking a stake in healthcare supplies firm Medline at an enterprise value of $34bn, making it one of the largest leveraged buyouts in history. The scale of the deal underlines the extent of private equity dry powder, and signals that leveraged finance investors can expect more new money supply ahead.

Evergrande Group's dollar bonds have continued their downward spiral to becoming the worst performing high yield notes last week, as the Chinese real estate company feels the impact over its links with Shenjiang Bank, which has come under fire by regulators.

Cal-Comp Electronics (Thailand) Public Co, an international subsidiary of Taiwan’s Kinpo Electronics, is tapping the loan market for its debut sustainability-linked borrowing as companies and banks continue to push the development of the asset class in Asia.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has launched its $500m borrowing into general syndication, after attracting six banks in the senior phase.

Two Chinese real estate companies sold sub-one year bonds on Thursday, raising $350m between them.

French engineering company Vallourec has launched its €300m rights issue, a crucial part of its restructuring, which will help return its balance sheet to a sustainable footing, but leave Apollo and Strategic Value Partners, creditors of the firm, as the largest shareholders.

Parts Holding Europe, the French vehicle component distributor, postponed its attempts to list on the Paris Stock Exchange on Wednesday, making it the latest in a long line of companies to have to pull a deal. The initial public offering market has been volatile for some time, but there is a growing feeling that it is becoming ever harder to get deals done.