Loans and High Yield

Home Credit Vietnam is in talks with banks for a new $50m loan, with its planned fundraising receiving some early mixed response from lenders.

Ares Management has raised a colossal €11bn for its new European direct lending fund, but firms whose investments hit the skids through the pandemic may not find it quite so easy.

Bank of America has hired a managing director from Goldman Sachs to help lead a new team in its UK investment banking division that aims to increase the bank’s coverage of private and emerging growth companies.

German cruise liner Tui Cruises is marketing its first high yield bond, as it emerges from a devastating year for the company and the broader travel sector.

EQT has launched the €1.525bn loan leg of the buy-out funding for its purchase of Cerba Healthcare, a France-based chain of medical laboratories, indicating that the flow of acquisition deals is still running fast, with multibillion deals including Birkenstock and Lonza Specialty Ingredients closing last week, and G4S slated for this week.

Taiwan’s World Peace Industries Group has returned to loans bankers for a NT$18bn-equivalent ($645m) refinancing package. The fundraising includes a commercial paper guarantee tranche that has seen some changes as a result of scrutiny from the regulator.

Indonesian textile manufacturer Sri Rejeki Isman (Sritex) has seen its dollar bonds fall to new lows in the secondary market, as investors grapple with the company's missed debt payment.

Tullow Oil is marketing a new $1.8bn senior secured bond to repay its near-term maturities and cancel its reserve-based lending facility entirely, ending the twice yearly cycle of RBL determinations that has pushed some oil explorers close to the edge since the coronavirus pandemic struck.

US alternative asset manager Ares has closed an €11bn European direct lending fund, the largest of its kind.

Artemis Growth Partners, an ESG-focused investment platform dedicated to cannabis, has hired JP Morgan's E. Stanton McLean, a managing director in the US bank's leveraged finance business.

Vietnam property developer BIM Land JSC made its debut in the dollar market this week with a green transaction.

BNP Paribas has hired Boris Funke as head of leveraged finance capital markets in Germany, giving him responsibility for expanding the bank's sponsored and corporate sub-investment grade franchise in the region.