Loans and High Yield

Barings is partnering up with Mubadala, the Abu Dhabi sovereign wealth fund, to provide $3.5bn of direct lending to mid-market companies in Europe.

Goldman Sachs has given new titles to leaders in its credit finance, investment grade capital markets and equity capital markets businesses.

Series 34 of the iTraxx Europe Crossover index saw seven fallen angels join the index, following the three added in March’s roll, as the coronavirus pandemic pressures sectors such as autos, transport and retail.

Bain Capital has hired a new global head of ESG with extensive experience of oil and gas investments.

India’s Glenmark Pharmaceuticals has returned to the loan market after an absence of more than 10 years. It is seeking a $175m deal.

Goldman Sachs has named new global M&A bosses, with the incumbents moving to become chairs of the business.

German hospital operator Asklepios Kliniken launched a Schuldschein on Monday with an initial target of €200m. Investors have doubled down on their interest in pharmaceutical firms this year and throughout the pandemic, prompting a substantial increase in the market’s exposure to the sector.

Spanish telecoms group MasMovil is preparing a €720m bond, the second part of the financing for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan issue, allocated in July, with the bonds readied following shareholder acceptance for the offer last week.

Global investment firm Pimco has hired a new portfolio manager and managing director, who will serve as head of private credit in Europe. With this hire, Pimco is looking to bolster its special situations business in Europe.

García and Gutman given new roles at Goldman — Mizuho hires in convertible bonds — Smida and Coudray handed coverage leadership at Natixis

Swedish debt purchaser Intrum sold a tap of its 4.875% 2025 unsecured notes on Wednesday, intending to use the funds to part-pay its revolving credit facility. With a strong backdrop, and plenty of RCF drawings still outstanding, the company increased the deal by €50m during syndication.

RBC Capital Markets’ expansion in European investment banking came in the aftermath of the global financial crisis. A decade on, the coronavirus pandemic has presented it with a very different set of challenges.