Loans and High Yield

Swedish debt purchaser Intrum is in the market with a tap of its 4.875% 2025 unsecured notes, issued in July, intending to use the funds to part-pay its revolving credit facility. The starting size of the tap is €200m but the company has €746m outstanding on its RCF so could easily look to increase the deal size if it receives strong demand.

Times China Holdings raised $350m from a 5.5 year bond on Tuesday as a way to get ahead of its 2021 dollar maturities.

Sir Ronald Cohen, the venture capitalist who chairs the Global Steering Group for Impact Investment, on Tuesday called on governments to mandate companies to publish impact-weighted accounts.

Altice France is marketing a €900m equivalent eight year bond across dollars and euros, coming hot on the heels of Friday’s announcement that Patrick Drahi, the billionaire owner of the telecoms group, was trying to take Altice Europe private.

GardaWorld, the Canadian security service company, has made a hostile £3bn offer for larger UK rival G4S, marking the second major bid for a UK company from a North American firm in less than a week.

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.