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  • Apollo targets jumbo deals with $12bn private fund

    Apollo targets jumbo deals with $12bn private fund

    Apollo Global Management announced on Monday a new private credit unit aiming to provide $1bn direct loans to larger firms, in the first instance of a direct lending fund with its eyes only fixed on big business.

  • Baltic telco Bitė preps dividend deal and bond market return

    Baltic telco Bitė preps dividend deal and bond market return

    Bitė, a mobile, broadband and pay TV firm in the Baltic region and a portfolio company of Providence Private Equity, is prepping a dividend recap and refinancing of its whole capital structure, funded by a dual tranche high yield bond offering. This marks the company’s return to bond markets after nearly five years financed through loans.

  • Film director Richard Curtis: ‘the time for tinkering is coming to an end’

    Film director Richard Curtis: ‘the time for tinkering is coming to an end’

    If UK pension savers knew how their money was invested, funds would be more inclined to invest exclusively in environmental, social and governance (ESG) assets. So argues Richard Curtis, the screenwriter, director and co-founder of Comic Relief. He has launched a public campaign, Make My Money Matter, to pressure UK pension funds to invest more sustainably.

  • ThyssenKrupp Elevator sees monster demand, paves the way for LBO lift-off

    ThyssenKrupp Elevator sees monster demand, paves the way for LBO lift-off

    The huge demand seen for ThyssenKrupp Elevator’s buyout financing, the largest bridge loan left on banks’ books through the Covid-19 crisis, should reassure credit committees and capital markets operators that the LBO market is wide open again, for the right business. Owen Sanderson reports.

  • BASF Construction Chemicals next bridge to drop after TKE blowout

    Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking. But underwriters had already taken risk off the table by pre-placing the larger dollar loan, with GSO likely taking a piece.

  • MasMovil bookrunners derisk bond deal with boost to loan

    MasMovil bookrunners derisk bond deal with boost to loan

    Banks backing Cinven, KKR and Providence’s take-private of MasMovil have boosted the size of the euro loan tranche in the market this week by €500m, cutting down the planned bond that will fund the remainder of the deal, the first major LBO announced in Europe since the coronavirus crisis.

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Comment

  • Lack of CLO ratings transparency damages credibility

    Rating agency reviews of CLOs are not resulting in mass downgrades in Europe. That has caused some to question what is going on given the damage the coronavirus pandemic and lockdowns must surely have had on certain sectors of the economy that some CLOs are exposed to. Some transparency around ratings metrics would help soothe the angst.

  • Boutique wheel of fortune spins into another crisis

    Independent firms were the big winners of the 2008 financial meltdown. But they will find the Covid-19 crisis tougher to navigate, as they grapple with a unique set of challenges, writes David Rothnie.