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Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
A slow destruction of misallocated investment is more likely than a sudden stop
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Private equity firm Blackstone is raising $1.1bn to support its purchase of a stake in Indian IT company Mphasis. The deal is set to be the largest leveraged buyout loan in the country — and comes with a group of 13 bookrunners at the top. Pan Yue reports. -
So far, despite the constant market chatter, consolidation among CLO managers has yet to occur. Instead, new firms are popping up as buyer demand rises in the hunt for yield. That has included Sancus Capital Management, which arranged its first deal recently having spent eight years as an investor in CLO equity and mezzanine paper.
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Deals keep coming in leveraged finance, as conditions remain ripe for refinancing and funding acquisitions. Though there are signs of investor fatigue around the edges, bankers do not expect much of a slowdown until August.
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European IPO bankers have renewed their focus on bringing growth-orientated technology companies to market in the autumn, rather than cyclical firms, as fears over the continuing spread of Covid-19 leading to a fresh wave of lockdowns at the end of the year persist.
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Spreads on triple-A rated CLO resets in euros are widening after heavy supply in the first half of 2021, with senior spreads on new issue CLOs hovering in the mid-90bp area.
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The renaissance of renewable energy companies in the equity capital markets grew on Monday with the IPO of GreenVolt, the Portuguese biomass energy company, which is set to wrap up its listing on the Lisbon stock exchange.
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