Loans and High Yield

India’s Emcure Pharmaceuticals has returned to the loan market after four years, seeking a small amount of $34m.

A number of investment banks have withdrawn from arranging deals in the Schuldschein market, according to data sets seen by GlobalCapital, as international supply shrinks and institutional focus moves elsewhere.

Professional services firm Alvarez & Marsal has hired a senior figure from Deloitte to help grow its debt advisory business in European private credit.

Strong markets on Monday morning helped Barclays and Jefferies launch the long-awaited bridge financing for PureGym’s takeover of Fitness World, one of the last pre-Covid facilities yet to come out in the capital markets.

Three property companies from Greater China hit the bond market last Friday, raising $850m between them even as the US presidential election battle raged on. With Joe Biden now announced as the president-elect, the issuance spree in Asia only picked up pace on Monday.

Trainline, the UK train ticket booking company, has warned that there is a risk of a covenant breach on its £350m revolving credit facility, despite lenders already agreeing not to test the covenant until August 2021.

India’s JB Chemicals & Pharmaceuticals has wrapped up a $206m loan to support KKR’s acquisition of a majority stake in the company.

Chinese pork producer Muyuan Foods saw lukewarm appetite among banks for its debut syndicated loan, which was closed at a smaller size of $140m.

BP, the UK oil company, has appointed Niamh Staunton, a former Morgan Stanley banker, as its group treasurer, GlobalCapital understands.

Ineos Styrolution’s financing for its $5bn purchase of BP’s aromatics and acetyls businesses is likely to hit the market in January, according to company management, with existing term loans refinanced but bonds potentially remaining outstanding.

Asia’s dollar bond issuers hit pause this week as all eyes turned to the outcome of the nail-bitingly close US presidential election. With the result still uncertain on Thursday, but signs showing a Joe Biden victory as a possibility, some bankers in the region reckon the debt market may be at full throttle from next week. Morgan Davis reports.

JP Morgan has made Stefan Povaly, co-head of EMEA leveraged finance origination, country head for Germany, part of a raft of senior changes in the country following the promotion of Dorothee Blessing to co-head of EMEA investment banking earlier this year.