Loans and High Yield

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.

Amadeus IT group, the Spanish travel technology company, and German logistics company Kion Group offered corporate bond investors the chance to pick up riskier debt on Thursday, as the demand for higher yielding securities drives large parts of the primary market.

Altice France leapt straight into the market after Friday’s surprise announcement that owner and founder Patrick Drahi would be taking the company private. Research from Federated Hermes shows that the credit spread premium for a private company has dropped to virtually zero for the first time in 20 years.

French visual effects and digital services company Technicolor has finished a €330m recapitalisation as part of its efforts to exit from bankruptcy proceedings.

Dutch DIY group Maxeda launched a refinancing this week which pushed up its rating, after it took out its 2022s with new 2026 bonds, taking any liquidity constraints for the triple-C rated chain firmly off the table. Despite the pandemic, the retailer has been successfully deleveraging, helped by a boom in home improvements during lockdown.

Schuldschein arranging banks have long claimed to be the market's gatekeepers as far as borrowers looking for access are concerned, rejecting lower quality credits to keep the standard high. As the market expanded in recent years and a richer variety of companies borrowed from it, this became a less convincing claim. But as the coronavirus pandemic rocks Europe, Schuldschein bankers say they have declined several requests from companies from risky sectors.

Hong Kong Broadband Network is enticing banks to a HK$5bn ($645m) loan by offering them a juicier margin than previously.

Singapore’s Farrer Park Co has become the latest company from Asia to tap the green loan market, raising a S$200m ($147m) facility from United Overseas Bank.