Loans and High Yield

Meriem Smida and Christine Coudray have been given new coverage jobs at Natixis, as global head of financial sponsors coverage and global head of banks and international public sector (BIPS) coverage respectively.

Bonds sold on Monday by Chinese conglomerate Dalian Wanda Group Co and property developer Logan Group Co have underperformed in the secondary market.

Dutch DIY retailer Maxeda unveiled a refinancing on Monday morning which will test the market’s appetite for taking out triple-C rated bonds at tighter levels, with a €400m offering to redeem its existing €475m 6.125% 2022s.

Goldman Sachs has appointed Christopher Droege and Chris Emmerson as co-heads of cross markets and sponsor M&A for Europe, the Middle East and Africa.

PCGI and PCGI Intermediate Holdings (PCGII) are seeking approval from bondholders for a consent solicitation triggered by a corporate restructuring.

Three Taiwanese companies are testing bank appetite for new loans, as slow deal flow this year gives them enough ‘bargaining power’ to raise funds at thin margins and fees.

Hugh Hendry, the outspoken founder of former macro hedge fund Eclectica Asset Management, told GlobalCapital he sees no evidence for the re-emergence of global macro as a broad and viable investment strategy. Were volatility to rise again, Hendry says he may well get back into the financial fray but the likelihood of that is vanishingly slim.

BNP Paribas has provided term loans to Altice Europe, whose founder Patrick Drahi has offered to buy €2.5bn of the shares he doesn't already own to take the French telecoms group private.

Philippine real estate company Filinvest Development Corp raised $200m from a five year bond on Thursday.

Chinese property developer Xinyuan Real Estate Co, whose outstanding bonds have suffered because of the Covid pandemic, opted for size over price for its $300m return this week.

The European Central Bank is overstepping the mark with its investment grade corporate bond buying and must start easing off, or it risks detaching the market from economic reality, market participants said this week. Mike Turner reports.

Ford, the US car maker, offered investment grade bond investors a chance to dip into high yield on Tuesday. And its rival, Nissan Motor, is lining up a seven tranche behemoth bond issue that will create a euro curve out to eight years.