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◆ Supranationals and agencies prepare to achieve the previously unthinkable ◆ Leveraged loans versus private credit and their effect on CLOs ◆ A new dawn for dollar covered bonds and UK equity market structure
Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Ferrero International markets €300m deal
Margins widen as lenders weigh up AI disruption to portfolio companies
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With the Federal Reserve on Wednesday signalling a July interest rate cut, investors say they are planning to move further afield for opportunities, shifting more heavily into off-the-run assets to hit yield targets.
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UBS has created a new global team focused on private capital markets, giving it more exposure to a rapidly growing area of finance, as companies go public later in their life cycles and the amount of institutional and private money dedicated to private equity has grown and become more sophisticated.
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Intermediate Capital Group has hired a managing director of subordinated debt and equity in Germany, a new position.
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Leveraged loan and high yield bond documentation is starting to see a new feature creep in — anti “net short” language, which attempts to stop creditors that are short the company from getting a place at the table in a restructuring. The funds targeted by the new provisions aren’t exactly the cuddliest citizens of the capital markets, but they won’t be the only casualties.
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Middle market credit investment manager MidOcean Partners has hired a former Apollo Global Management executive as CIO.
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A pair of rare European companies placed large MTNs through Deutsche Bank on Monday. Investors poured into in a seven year tap by Heineken, while Volvo revved in with a 10 year dollar note.