Loans and High Yield

Following last year’s redemptive refi, French supermarket group Casino is back in the market for another stab at pushing out maturities, cutting its interest burden, and nudging back towards an unsecured capital structure, with a combined bond and loan offering to pay down its 2024 loan.

A leaked letter from the European Parliament, seen by GlobalCapital, shows the Parliament has joined in the debate about the Sustainable Finance Disclosure Regulation, which has been watered down to make life easier for institutional investors. The Parliament is calling for the rules to be strengthened, to help savers know which investments are green and ensure compliance does not become just a “tick box exercise”.

Atotech, a UK speciality chemicals technology company, has followed up its IPO last month with a $1.84bn-equivalent loan refinancing, with some of the money earmarked for acquisitions.

Delhi International Airport (Dial) had to pay a hefty premium for its $450m green bond amid investor concerns about market volatility and the state of the travel industry.

Indian renewables company Hero Future Energies Asia made its debut in the dollar market on Thursday with a $363m green bond.

India’s Adani Green Energy has raised a $1.35bn green loan to support the construction of projects under its renewable portfolio.

A HK$5.5bn ($708m)-equivalent loan to partly refinance debt taken for investment manager Permira’s leveraged buyout of Tricor Holdings is now open to existing lenders in syndication.

An innovative collaboration between six organisations from different sectors has led to the creation of the Subnational Climate Finance Initiative, which will work with local governments in developing countries to fund green infrastructure. The scheme highlights the value — but also the difficulty — of blended finance.

IAG issued a dual tranche euro bond this week — its first since the pandemic struck — following an extensive round of actions to shore up its balance sheet in the face of plunging airline passenger traffic. Investors looking for a recovery story piled into the new issue, which found more than €5bn of demand.

French car parts maker Faurecia has issued its first green bond, which will help fund its growing investments in hydrogen fuel cell technology.

Complex refis, Covid-hit industries and chunky dividends are the order of the day in levfin, as banks clear out the tougher end of their pipeline in the last weeks of the quarter.

Indonesian multi-finance companies are ready to charge back into the loan market after a quiet 2020, as the country’s economy picks up and consumer sentiment improves. Banks are also ready to accept borrowers from the sector, but there are challenges ahead, writes Pan Yue.