Loans and High Yield

David Cameron’s involvement with Greensill Capital blew a financial scandal into a political crisis, as details emerged of the close contacts between the company, civil servants, ministers and the British establishment. Last week, UK lawmakers had their chance to grill Cameron directly, in a session which can’t have been too comfortable. But amid the self-exculpation, the ex-Prime Minister had a couple of good points.

Indonesian multi-finance company Federal International Finance is making a quick return to the market for a $250m new money loan, having closed two deals in the past year.

Chinese issuers Redsun Properties Group and Shandong Hi-Speed Group Co have hit the offshore bond market, grabbing a brief issuance window ahead of a public holiday on Wednesday.

Singapore’s food and agri-business Olam has raised a $1bn loan to support its acquisition of US spices and seasoning company Olde Thompson.

Barclays has hired Mani Joseph from Goldman Sachs to lead its Asia special situations team.

With inflation expected in the coming months, investors are set to allocate more cash to floating rate instruments – tipping the scales toward loans in leveraged buyout financings.

Encore Capital is launching a £250m refinancing to push out its maturity profile and pay down the last bond issued under the Cabot Credit Management brand. The move comes following strong results published in early May and an upgrade to positive outlook from Moody’s.

Grünenthal, the German opioid maker, has signed a €400m revolving credit facility, less than a month after making its postponed debut in the high yield bond market.

Three Chinese companies decided to tackle their refinancing needs on Monday with new bonds, grabbing a short issuance window ahead of a public holiday in Hong Kong and some other Asian markets on Wednesday.

Citi has replaced the former head of its EMEA alternative assets group with a promotion from within, Theo Giatrakos, who will work alongside a newly hired chairman, Didier Denat, the former head of corporate banking at Credit Suisse.

A number of Chinese high yield borrowers that hit the dollar bond market this week have seen mixed responses to their notes in secondary trading, which bankers say is a sign of changing market sentiment and investor response.

Turkish companies and banks are succeeding in raising funds in international debt markets, even as the country strays near the edge of an economic precipice and experienced investors view Turkish risk with disdain.