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There is no crock of equity gold at the end of the rainbow
Partner has joined Clifford Chance from the newly merged rival magic circle law firm
MAG’s tightly priced bond adds credence to claims that Thames Water’s woes are isolated
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Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.
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Punch Taverns, the largest pub and bar operator in the UK, has released the final restructuring plan for its two distressed whole business securitizations, Punch A and Punch B. Bondholders in both transactions will be asked to approve the plan in a vote in mid-February.
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European structured finance issuance is likely to increase slightly this year as UK mortgage lending increases and tighter spreads make deals from peripheral Europe economical again, according to Standard & Poor’s. The increase in CMBS volumes in 2013, however, may prove short-lived.
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Intermediate Capital Group and Babson Capital have mandated banks for new CLOs as momentum in the European CLO market builds.
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The servicer and senior noteholders in Theatre (Hospitals) No 1 and No 2 CMBS, which are backed by a portfolio of 35 care homes in the UK, have approved a final extension of the loan maturity date to April this year. Stakeholders will need to agree on a restructuring plan by then or the loan will be enforced.
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Blackstone’s sale of Chiswick Park, the west London business park that was the underlying asset in Europe’s first post-crisis CMBS, to the China Investment Corporation will not trigger a prepayment of the outstanding CMBS debt, according to analysts at Bank of America Merrill Lynch.