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Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
Pharmaceuticals and energy transition also ripe sectors for M&A
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Chinese property company Evergrande Group’s dollar bonds have plummeted in the secondary market, following news that regulators are scrutinising the borrower. The effect has been far-reaching — dampening sentiment for other high yield real estate bonds and putting both investment bankers and investors on guard. Morgan Davis reports. -
Bank of America has set up an EMEA ESG strategic council chaired and led by three senior investment bankers, to intensify its effort to reduce its carbon footprint and manage its climate risks.
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Hong Kong department store chain Lifestyle International Holdings returned to the debt market this week after a two-year break to raise $350m.
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CLO issuers are flooding to market to refinance Covid-era deals. On Tuesday, American International Group (AIG) Asset Management joined this wave by resetting AIG CLO 2020-1, slashing senior notes by 89bp.
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Moody’s has torn up one of the shibboleths of the Schuldschein market — that its borrowers are worthy of investment grade ratings. On Wednesday, the rating agency said a number of borrowers from the car parts sector were overleveraged and not profitable enough. Investors appear to share these worries, but the Schuldschein market offers them little protection and there is no reliable secondary market for them to sell into.
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SSAB, the Swedish steelmaker whose blast furnaces account for 10% of Swedish and 7% of Finnish reported carbon emissions, has launched a sustainability-linked bond in Swedish kronor. It wants to cut its emissions 35% between 2018 and 2032 as part of a transition to fossil-free steel.
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