Loans and High Yield

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.

Commodity trader Trafigura has closed a $203.5m US private placement. It is the largest sustainability-linked issue on record, according to GlobalCapital analysis, and signals the PP market is taking ESG financing more seriously.

Kaisa Group Holdings closed a $500m bond this week, part of a liability management exercise.

Standard Profil, the auto supplier which makes sealing for cars, was in the bond market on Tuesday looking to sell €275m of five year notes.

Birkenstock’s acquisition financing package saw changes to the documentation during syndication, announced on Monday. While the deal comes with an aggressive covenant package, the amendments do little to smooth the edges, instead raising the possibility that a rapid flotation of the business could see bondholders repaid inside the non-call period.

Chinese state-owned company Genertec Universal Medical Group has returned to the loan market to syndicate a $700m-equivalent deal.

South Africa's Investec has launched a proprietary secondary loan trading desk in New York, having recruited a senior trader to lead it.