LevFin - All Articles

  • AGL issues jumbo CLO with pre-Covid reinvestment period

    AGL Credit Management priced a $526m CLO on Monday, joining a handful of managers that are gradually pushing out reinvestment periods back to the pre-Covid five year standard.

    • 05.45 PM
  • Tepid CLO market rallies on vaccine news

    A wider market rally boosted by positive vaccine news from Pfizer, Moderna and the University of Oxford has begun feeding into the European CLO market, tightening secondary spreads while primary markets remain more sluggish.

    • 02.30 PM
  • United Group scores deal size boost in driveby

    Balkan telecoms and cable company United Group slipped into the high yield market Monday to launch a drive-by bond as it released its earnings results, seizing on strong market conditions to repay its revolving credit facility and part-fund the purchase of Greece’s Forthnet.

    • 02.15 PM
  • HKBN closes HK$5.5bn loan

    Hong Kong Broadbank Network has increased a loan to HK$5.5bn ($709m) after attracting 20 participants during syndication.

    • 08.30 AM
  • Future Retail bonds boosted by Reliance news

    Bonds from India’s Future Retail rallied in the secondary market this week, after Reliance Industries got approval to buy the struggling business.

    • 08.00 AM
  • Ares prices the tightest CLO of Covid-19 era

    A flurry of primary CLO deals in the BSL and middle-market opened up post-election supply in the US last week, with Ares Management achieving the tightest spread on triple-A rated paper since the pandemic and Pimco returning as issuer after a 13 year absence.

    • 23 Nov 2020
  • Lufthansa rides vaccine tailwinds to follow convertible with senior deal

    German flag carrier Lufthansa mandated a new unsecured bond on Monday, two weeks after it stormed into the convertible market on the back of the rally sparked by positive Covid-19 vaccine trials. The airline might have lost its investment grade ratings, but it is sticking to high grade bond execution norms, prepping a Reg S-only unsecured issue from its EMTN shelf.

    • 23 Nov 2020
  • First European CLO switches to semi-annual payments

    Penta CLO 2 has become the first CLO to switch its coupon payment form three-month Euribor to six-month Euribor, according to Fitch Ratings on Monday, following the flood of underlying loan borrowers choosing to push payments onto the longer timeline.

    • 23 Nov 2020
  • Cineworld offers equity sweetener for new round of emergency liquidity

    Cineworld has stapled warrants for 9.9% of the company to its latest tranche of emergency funding, a $450m lifeline that comes with an undisclosed but eyewatering interest rate. The new cash has unlocked a further round of covenant waivers from its revolver banks, and should give the company a chance to keep trading into a post-vaccine age.

    • 23 Nov 2020
  • Evergrande’s bonds, stocks up on SOE tie-ups

    China Evergrande Group got a boost to its bond and stock prices on Monday, after its flagship subsidiary convinced a large group of equity holders not to exercise a put option. The company also secured two new state-backed investors.

    • 23 Nov 2020
  • Taiwan’s GIS returns to loans with longer tenor

    Touch screen manufacturer General Interface Solutions, an affiliate of Foxconn Technology Group, is seeking a $300m loan to refinance a deal set to mature next year.

    • 23 Nov 2020
  • China Biologic secures $1.1bn loan for privatisation

    Two Chinese banks have agreed to arrange a $1.1bn loan to support China Biologic Products Holdings’ delisting from the Nasdaq stock exchange.

    • 23 Nov 2020
  • Goldman changes UK IB and ECM leadership

    Goldman Sachs has appointed new heads of its UK investment banking and EMEA equity capital markets businesses.

    • 20 Nov 2020
  • EQT gets second multi-billion euro ESG line

    Sweden’s EQT, the private equity company, has followed up on its summer signing of the biggest ever ESG-linked subscription facility with a second deal of the same maximum size. Lenders say this is further proof that ESG is becoming more important to private equity.

    • 20 Nov 2020
  • Investors still waiting for Changxing's debut bond

    Changxing Urban Construction Investment Group Co, a Chinese company focused on construction services, announced its debut dollar transaction on Thursday. But the deal was not priced as of Monday, GlobalCapital Asia understands.

    • 20 Nov 2020
  • Gaw, Schroder to mandate two for Cityplaza One loan

    A consortium led by Gaw Capital Partners and Schroder Pamfleet is set to mandate United Overseas Bank and Standard Chartered for a loan to support its acquisition of Cityplaza One, according to two sources close to the situation.

    • 20 Nov 2020
  • Masan gets $200m loan for subsidiary

    Vietnam’s Masan Group Corp has signed a $200m loan with four banks to support a capital injection into a subsidiary.

    • 20 Nov 2020
  • Ford loads up Sfr230m in Swissie return

    Ford shrugged off its loss of investment grade status to return to the Swiss franc market this week after a 19 year absence to print a three year deal targeted at private bank investors.

    • 19 Nov 2020
  • Rolls-Royce lands cash call after flight risk

    UK aerospace company Rolls-Royce managed a smooth landing for its mid-pandemic equity raise despite turbulence within its inner circle of advisers. It was a triumph for strong management, writes David Rothnie.

    • 19 Nov 2020
  • CLO investors shift as banks make way for smaller buyers

    The Covid-19 pandemic has reshuffled the CLO investor base, with big bank buyers cutting their exposures, and insurers and mutuals gaining shares. Smaller pension funds and high net worth individuals have also entered the sector, tempted by the surprisingly strong performance of the asset class through the crisis period.

    • 19 Nov 2020
  • Boparan pulls off long-awaited rescue refi

    If a company’s bonds were yielding more than 40% last December, what would have been the chances it would be in a position to raise market funding this week? That’s exactly what UK poultry producer Boparan has achieved in an extraordinary reversal of fortunes against the backdrop of a global pandemic.

    • 19 Nov 2020
  • Drax and Octopus give sterling loans green sheen

    The sterling syndicated loan market hosted two environmentally friendly trades this week, with UK power generation company Drax and renewables fund Octopus Renewables Infrastructure signing facilities.

    • 19 Nov 2020
  • Carnival makes collateral-free market return

    Carnival Corporation, the world’s largest cruise operator, is marketing its first unsecured bond since the Covid-19 crisis began, taking advantage of the vaccine rally and optimism about the industry’s future to source uncollateralised funding.

    • 19 Nov 2020
  • AC Energy powers up fixed-for-life bond structure

    Philippine company AC Energy found good support for a $300m fixed-for-life green perpetual bond on Wednesday, with demand from existing and new investors, as well as domestic fund managers.

    • 19 Nov 2020
  • New bid to solve bank carbon footprint enigma

    An accounting standard was launched on Wednesday that could prove a major step forward in how banks and investors calculate their contributions to climate change, and their progress towards net zero emissions.

    • 19 Nov 2020
  • Middle-market deals set to fire up CLO primary

    At least two new middle-market CLO deals and two resets are being readied to open up a primary market that has been quiet since the end of October.

    • 18 Nov 2020
  • NRG prices bonds for M&A, including sustainability-linked debut

    NRG Energy has priced a roughly $3.8bn five tranche bond offering — including the first ever sustainabilty-linked notes from a US issuer — to finance its acquisition of North American energy retailer Direct Energy.

    • 18 Nov 2020
  • 'US direct lending saturated,' says Pemberton

    Symon Drake-Brockman, the founder and managing partner of European direct lender Pemberton Asset Management, thinks that the US direct lending market has matured to such an extent that further growth is tricky, whereas Europe still has fruitful opportunities ahead.

    • 18 Nov 2020
  • Private credit’s big moment is still to come

    When the Covid-19 crisis hit in the spring, it looked like a golden opportunity for private credit funds. But the window shut as quickly as it opened, preventing the hungry funds from deploying much of their dry powder. But their moment may have finally arrived.

    • 18 Nov 2020
  • Central China pushes out $300m bond

    Central China Real Estate paid up for its $300m return to the bond market on Tuesday, navigating weaker investor sentiment to get its deal over the finish line.

    • 18 Nov 2020
  • Blackstone seeks banks for Piramal Glass buyout loan

    Blackstone is working on the financing for a potential acquisition of India’s Piramal Glass. Although the deal is still in its early stages, international banks are facing competition from cheap onshore liquidity. Pan Yue reports.

    • 18 Nov 2020
  • Canada-based manager gains SEC approval, buys Garrison CLOs

    Mount Logan Capital has acquired management rights to two middle-market CLO contracts from Garrison Investment Management. The asset manager disclosed the acquisition in an announcement and said that it paid $3m to take over the two CLOs together with “certain side letter agreements”.

    • 17 Nov 2020
  • Banker who took UBS to court is hired by litigation funder

    Ben Smyth, the whistleblower and former debt capital markets banker who took UBS to court, has been hired as an investment officer by the litigation funder Therium Capital.

    • 17 Nov 2020
  • Infopro preps cap stack clean-up with new bond

    Infopro, a business information company owned by Towerbrook, is offering a new bond this week to clean up some coronavirus pandemic-driven features of its capital structure, including paying back state-guaranteed debt and its drawn revolver. The new bond will also push out debt maturities through by repaying a 2022 bond.

    • 17 Nov 2020
  • Gategroup serves up debt restructuring as Covid-19 continues to batter air travel

    Gategroup, the Swiss airline hospitality company, has negotiated with lenders to extend the maturity on its syndicated loan facilities as part of a major debt restructuring for the Covid-battered firm.

    • 17 Nov 2020
  • Jingrui nets $240m from LM outing

    High yield property company Jingrui Holdings raised $240m on Monday as part of an exchange and new money exercise.

    • 17 Nov 2020
  • Indiana pension fund invests $60m in CLO equity and debt tranches

    Indiana Public Retirement System has committed $80m to Oak Hill Advisors Structured Products Fund II to invest across CLO debt and equity tranches in the US and Europe in the secondary market, according to a board meeting document.

    • 16 Nov 2020
  • Hedgies targeting SSD hampered by new laws

    Hedge funds have started to take a keen interest in the Schuldschein market, but restructuring laws in Germany set to come into effect in January will stop them before they truly get started.

    • 16 Nov 2020
  • Renault rides bond market backing months after bailout

    Renault, the French car maker, issued on Monday its first bond since taking a €5bn state-backed loan. Investors piled into the deal.

    • 16 Nov 2020
  • European CLO managers see 2021 primary slump

    The first quarter of 2021 is set to be a cautious opening for the European CLO market, with many banks still unwilling to open new warehouses, given the volatility of this year. Sources anticipate just five to six deals landing in the first quarter.

    • 16 Nov 2020
  • Boparan next in line for stressed refinancing

    Boparan, the UK food production and restaurant business, began marketing a £475m high yield bond on Monday. The deal follows Aston Martin, Lowell and PureGym, three refinancings done in the past month for companies under stress as a result of the coronavirus pandemic.

    • 16 Nov 2020
  • Pakistan raises $370m loan

    Pakistan’s Ministry of Finance and Revenue has raised a $370m syndicated loan from a group of 10 banks.

    • 16 Nov 2020
  • Tianqi Lithium warns of potential default

    Chinese company Tianqi Lithium Corp has warned of a possible default on an acquisition loan amid a liquidity crunch, as it struggles to make a repayment by the end of November.

    • 16 Nov 2020
  • Cifi makes quick loan return

    Shanghai and Hong Kong-headquartered property developer Cifi Holdings (Group) has made a quick return to the loan market. It is seeking $300m-equivalent.

    • 16 Nov 2020
  • Bond market gets slow start as Trump, onshore China default raise caution

    Asia’s primary bond market started on a slow note on Monday, surprising debt bankers who were gearing up for strong deal flow. But recent announcements from the US over China investment, coupled with rising US Treasury yields and a default in the Mainland bond market, have given issuers some pause.

    • 16 Nov 2020
  • Chinese government-owned trio raise dollars

    Government-backed Chinese issuers Shandong Hi-Speed Group Co, Wuhan Trading Group and a local government financing vehicle from Xi’an ventured to the offshore dollar bond market on Thursday. They raised a combined $880m.

    • 13 Nov 2020
  • By losing Brexit finance battle, UK may have won war

    The UK this week abandoned hope of winning a mutual deal on financial regulation equivalence with the EU, and did what many had expected: unilaterally granted European firms access to the UK’s market without gaining matching rights for UK firms. But although this looked like surrender, lawyers believe the UK might have the upper hand.

    • 12 Nov 2020
  • Jefferies, Kennedy Lewis commit $160m to TCW CLO business

    Jefferies and Kennedy Lewis Investment Management will invest $160m with asset manager TCW to boost the firm's CLO issuance program over the next two years.

    • 12 Nov 2020
  • Jefferies' European IB engine starts to purr

    Jefferies has enjoyed a record year in European investment banking, powered by equity capital markets, writes David Rothnie.

    • 12 Nov 2020
  • Sterling leads the way in high yield, for once

    Sterling supply in high yield and leveraged loans has proved a rare sight since the 2016 Brexit vote, with UK-based borrowers preferring to seek euro funding where possible. But this week saw four deals in the currency — a relative bonanza.

    • 12 Nov 2020
  • Thames Water holds tender offer to term out holdco debt

    Thames Water’s holding company launched a sub-investment grade bond and tender offer to push out its 2022 maturity, announcing the new bond as markets firmed up on Monday.

    • 12 Nov 2020
  • Gambling firms spin the wheel on Covid-19 response

    The Covid casino has produced winners and losers among Europe’s high yield gaming firms, with lottery firm Sazka securing a fat equity cheque from Apollo, while Codere has some worried that its restructuring, wrapped up in October, did too little to cut its debt burden.

    • 12 Nov 2020
  • CLO equity offers opportunity but few funds stand ready

    CLO equity is still a scarce commodity, despite better than expected performances from the asset class this year in the face of the pandemic. Some investment firms are said to be raising CLO equity funds, but others suggest it remains hard going, and managers with captive funds will remain in charge.

    • 12 Nov 2020
  • No sweat: banks exit long-held PureGym bridge in perfect market window

    Market euphoria following news of Pfizer’s potential Covid vaccine created a perfect window for lead banks Barclays and Jefferies to sell out of a bridge loan for UK fitness chain PureGym, which they had held since underwriting it in January — one of the last pre-Covid acquisition loans yet to come to market.

    • 12 Nov 2020
  • Savvy Asian issuers drive LM to the mainstream

    Chinese property borrowers are increasingly taking a strategic approach to managing their liabilities by tendering old notes when new bonds are announced. The trend has taken off this year, and is set to be the norm as issuers become more proactive in tackling their refinancing needs sooner rather than later. Morgan Davis reports.

    • 12 Nov 2020
  • Debut, infrequent borrowers struggle to hit loan targets despite buoyant liquidity

    A handful of borrowers have been forced to close smaller loans than expected recently amid waning interest from lenders. While bankers insist there is still plenty of liquidity, debut credits and infrequent borrowers are feeling the pinch in the pandemic. Pan Yue reports.

    • 12 Nov 2020
  • Chinese borrowers rush to bond market

    A flurry of Chinese corporations rushed to the dollar bond market on Wednesday, raising a total of $1.19bn between them.

    • 12 Nov 2020
  • CLO pipeline builds but managers nervously eye defaults

    The fractious final phase of the presidential election has suspended CLO issuance since October 30. New issuance is expected to resume at steady pace through to the end of the year, but CLO managers say they are concerned about a new wave of defaults as the economy limps into 2021.

    • 11 Nov 2020
  • Pubco Marston’s looks for fresh waivers

    UK pub chain and brewer Marston’s asked some of its noteholders for fresh covenant waivers on Wednesday, as a measure to help mitigate the impact of a second lockdown.

    • 11 Nov 2020
  • AllianceBernstein moves into European real estate direct lending

    AllianceBernstein has launched a €1.2bn European real estate debt fund alongside Lacarne Capital, in the hope of exploiting a moment where the sector’s traditional sources of funding may be less forthcoming.

    • 11 Nov 2020
  • Debt buyer double as Hoist and Encore prep refinancings

    Debt purchasing firms Encore and Hoist launched new refinancing transactions on Wednesday, taking advantage of good market conditions to strengthen their capital structures ahead of a likely NPL flood next year.

    • 11 Nov 2020
  • FKS raises $255m loan from eight banks

    Singapore-based FKS Food & Agriculture has closed a $255m-equivalent dual currency deal with eight lenders.

    • 11 Nov 2020
  • Redco uses up bond quota to meet refi needs

    Redco Properties Group has tackled some of its upcoming maturities by selling a new $266m bond to refinance debt.

    • 11 Nov 2020
  • ARA, Chelsfield raise green loan for Singapore property

    ARA Asset Management and property company Chelsfield have raised a S$385.8m ($286m) green loan to finance the acquisition and renovation of 5One Central, a commercial building in Singapore.

    • 11 Nov 2020
  • Blackstone to rename GSO credit unit

    GSO Capital Partners, the credit management arm of private equity giant Blackstone, is rebranding itself as Blackstone Credit, the company announced this week.

    • 10 Nov 2020
  • Corporate disclosure shouldn’t be outsourced to stock markets

    UK chancellor Rishi Sunak’s announcement that large UK companies, whether listed or private, would need to make climate-related disclosures, was a step towards an important principle — that corporate transparency is a public good, and should be driven by governments, not listing authorities.

    • 10 Nov 2020
  • Pfizer helps PureGym banks out of a hole

    Market euphoria following news of Pfizer’s potential Covid-19 vaccine has helped underwriting banks dodge a likely loss on one of the hardest bridge loans to shift all year, with the bond now guided six points higher than at launch and nearly three times covered.

    • 10 Nov 2020
  • UK leads the way in HY as three sterling bonds prepped

    Sterling supply in high yield and leveraged loans has proved a rare sight since the 2016 Brexit vote, with UK-based borrowers preferring to seek euro funding where possible. But this week has brought a relative bonanza — three deals — in the currency.

    • 10 Nov 2020
  • China property companies keep up bond momentum

    Three Chinese property companies launched dollar bonds on Monday, continuing to take advantage of the post-US election momentum.

    • 10 Nov 2020
  • Emcure seeks loan for overseas business

    India’s Emcure Pharmaceuticals has returned to the loan market after four years, seeking a small amount of $34m.

    • 10 Nov 2020
  • Ex-Ares trio launch CLO management business

    A trio of former Ares Management executives have launched a CLO management business with a particular focus on environmental, social and governance (ESG) investments.

    • 09 Nov 2020
  • SSD arrangers withdraw from market

    A number of investment banks have withdrawn from arranging deals in the Schuldschein market, according to data sets seen by GlobalCapital, as international supply shrinks and institutional focus moves elsewhere.

    • 09 Nov 2020
  • Thames Water preps tender to term out holdco debt

    Thames Water’s holding company is preparing a sub-investment grade bond and tender offer to push out its 2022 maturity, launching the new offer as markets firmed up on Monday.

    • 09 Nov 2020
  • Alvarez & Marsal builds up private debt advisory with Deloitte hire

    Professional services firm Alvarez & Marsal has hired a senior figure from Deloitte to help grow its debt advisory business in European private credit.

    • 09 Nov 2020
  • US election certainty prompts PureGym bridge launch

    Strong markets on Monday morning helped Barclays and Jefferies launch the long-awaited bridge financing for PureGym’s takeover of Fitness World, one of the last pre-Covid facilities yet to come out in the capital markets.

    • 09 Nov 2020
  • Bond market bounces back after US elections

    Three property companies from Greater China hit the bond market last Friday, raising $850m between them even as the US presidential election battle raged on. With Joe Biden now announced as the president-elect, the issuance spree in Asia only picked up pace on Monday.

    • 09 Nov 2020
  • Trainline warns it could breach loan covenant

    Trainline, the UK train ticket booking company, has warned that there is a risk of a covenant breach on its £350m revolving credit facility, despite lenders already agreeing not to test the covenant until August 2021.

    • 06 Nov 2020
  • JB Chemicals closes acquisition loan with 12 banks

    India’s JB Chemicals & Pharmaceuticals has wrapped up a $206m loan to support KKR’s acquisition of a majority stake in the company.

    • 06 Nov 2020
  • Muyuan closes debut loan at smaller size of $140m

    Chinese pork producer Muyuan Foods saw lukewarm appetite among banks for its debut syndicated loan, which was closed at a smaller size of $140m.

    • 06 Nov 2020
  • BP appoints MS FIG banker as treasurer

    BP, the UK oil company, has appointed Niamh Staunton, a former Morgan Stanley banker, as its group treasurer, GlobalCapital understands.

    • 05 Nov 2020
  • Wells Fargo slashes award winning CLO research desk

    Wells Fargo has laid off its prolific CLO research team led by David Preston as part of a decision at the bank to revamp its approach to fixed income research, according to people familiar with the matter. The US banking giant is searching for a new head of ABS and CLO strategy, according to a job posting published on Thursday by executive search firm The Ladders.

    • 05 Nov 2020
  • Styrolution takeout slated for next year

    Ineos Styrolution’s financing for its $5bn purchase of BP’s aromatics and acetyls businesses is likely to hit the market in January, according to company management, with existing term loans refinanced but bonds potentially remaining outstanding.

    • 05 Nov 2020
  • GC Loan Awards poll closes next Wednesday!

    GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2020 is now open. We would be delighted if you would take this opportunity to pick the deals and firms that have made the most difference to loan markets in 2020.

    • 05 Nov 2020
  • After Asian bond issuers step back for the US election, bond bankers prepare for busy return

    Asia’s dollar bond issuers hit pause this week as all eyes turned to the outcome of the nail-bitingly close US presidential election. With the result still uncertain on Thursday, but signs showing a Joe Biden victory as a possibility, some bankers in the region reckon the debt market may be at full throttle from next week. Morgan Davis reports.

    • 05 Nov 2020
  • CLO market waits for dust to settle before deal flow restarts

    As Tuesday's vote count looks likely to drag into Thursday without a clear winner in the US presidential race, the CLO space is likely to remain stalled through next week after managers raced to get ahead of the US election to price around $13bn of deals in October.

    • 04 Nov 2020
  • Market pushes back on STS lobby proposals for CLOs

    The Alternative Credit Council (ACC) has recommended allowing CLOs to obtain a ‘simple, transparent and standardised’ (STS) certification to increase the flow of funding to European borrowers. Investors have pushed back on such proposals, however, citing the heavy due diligence needed to invest in STS deals.

    • 04 Nov 2020
  • JP Morgan levfin boss becomes Germany head

    JP Morgan has made Stefan Povaly, co-head of EMEA leveraged finance origination, country head for Germany, part of a raft of senior changes in the country following the promotion of Dorothee Blessing to co-head of EMEA investment banking earlier this year.

    • 04 Nov 2020
  • Müller corners €250m of PP funding

    German dairy group Müller has sold €250m of US private placements across five, seven and 10 years maturities.

    • 04 Nov 2020
  • Aero supplier Meggitt takes $300m in US private placements

    Aerospace and defence supplier Meggitt has sold $300m US private placements at three and five years, according to market sources, with leverage step ups to further protect investors.

    • 04 Nov 2020
  • Correction: Zhaoheng misses payment on 2017 loan

    Zhaoheng Hydropower (Hong Kong) has missed a payment on a 2017 dollar loan. It had extended the maturity on that deal earlier this year.

    • 04 Nov 2020
  • Fujian Yango serves up 12% bond yield

    Fujian Yango Group Co returned with another high yielding bond on Tuesday, making it the only Asian issuer to brave the primary dollar debt market ahead of the US election.

    • 04 Nov 2020
  • CIO of structured credit investor Medalist steps down

    Medalist Partners has parted ways with CIO Brian Herr, who stepped down as CIO and co-head of structured credit and asset finance to take up a role as managing director at financial services company Exos.

    • 03 Nov 2020
  • Quadgas makes grand return to PPs

    Quadgas, a gas asset and infrastructure investment consortium that sits above UK utility Cadent Gas, has sold $600m-equivalent of US private placements, in the first UK utility deal for more than six months.

    • 03 Nov 2020
  • Pre-election window closes too early for Ion

    Ion Analytics has postponed a $1.85bn leveraged loan financing the combination of Dealogic and Acuris, blaming "market volatility ahead of today’s US presidential election". With final commitments due on Monday, closing the issue was always going to be tight, but liquidity dried up too early for the company to clear out its costly private debt.

    • 03 Nov 2020
  • Indofood wraps up syndication for $2bn acquisition loan

    Indonesian instant noodle maker Indofood CBP Sukses Makmur has closed syndication of its $2.05bn-equivalent acquisition loan. The allocations are expected to be out in the next few weeks.

    • 03 Nov 2020
  • Kayne Anderson, Napier Park price new five year CLOs

    Kayne Anderson Capital Advisors and Napier Park Global Capital each priced CLOs on Friday with pre-Covid reinvestment durations, joining a growing roster of managers that have returned to more normal CLO structures. Though they are becoming more frequent, sources say they expect the market to remain split between standard and Covid-era deal formats.

    • 02 Nov 2020
  • Puma launches ESG-linked SSD

    Puma, the sportswear maker, launched Schuldscheine on Monday tied to its sustainability performance.

    • 02 Nov 2020
  • Lazard rehires Whittaker in restructuring group

    Lazard said it was rehiring Sam Whittaker as a managing director in its restructuring group, after Whittaker spent the last five years at boutique rival PJT Partners.

    • 02 Nov 2020
  • Aston offers upside as weak market clobbers rescue package

    Aston Martin’s rescue financing was battered by brutal markets late last week, with the Crossover widening around 40bp between announcement and pricing, and risky triple-C rated bonds selling off still further. Tuesday’s price talk of high 8% to 9% proved far too ambitious for the troubled UK car manufacturer and the deal eventually cleared at 10.5% on Friday afternoon, with investors offered extra upside through a longer non-call to tempt them into the book.

    • 02 Nov 2020
  • Brussels Airport clears runway for private placement issue

    Brussels Airport is looking to sell US private placements, according to market sources. It is the first European airport to try its luck in the market since the coronavirus reached Europe.

    • 02 Nov 2020