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Margins widen as lenders weigh up AI disruption to portfolio companies
◆ What strikes on energy infrastructure in the Middle East mean for emerging market bonds ◆ Why issuing in dollars has become so dicey for supranationals and agencies ◆ Europe’s advantage in the private credit meltdown
A slow destruction of misallocated investment is more likely than a sudden stop
Investors confident software fears are overblown
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UK homebuilder Bellway has sold £130m of US private placements, according to market sources, across seven and 10 years. This is likely to be the last broadly marketed USPP deal of the year. -
GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2020 will close today. If you haven't yet voted, 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. We remind you that an institution cannot win a category it hasn't voted on.
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Banks were busy issuing sub-benchmark sized deals in the euro public market last week, prompting several issuers to follow suit in the MTN market.
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Schroders has closed a new private credit fund, which will use a mix of securitized bonds, warehouse lines, direct loans and other instruments to target dislocated opportunities as the impact of the Covid-19 pandemic plays out in credit markets.
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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 until coronavirus vaccines bring back a semblance of normality to the economy.
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Northumberland Estates, the body that manages the interests of the Duke of Northumberland, has sold £200m worth of private placements to US and UK investors, according to market sources. The borrower joins Blenheim Palace, the Duchy of Cornwall and a long list of esoteric credits to tap the private markets.
