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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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Partners Group is marketing Penta CLO 9, a new CLO with a score related to environmental, sustainable and governance factors, following three similar transactions. But market participants question whether ESG scores are likely to turn the CLO market green. -
Alcentra, the alternative fixed income investor owned by BNY Mellon, has raised $484m in its fourth structured credit opportunities fund.
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Kartesia, the alternative asset manager known for financing small to mid-cap companies, has raised its fifth private debt fund mandated to look for deals beyond private equity sponsors.
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The explosion of special purpose acquisition companies (Spacs) may have drawn widespread criticism as evidence of an over-heating equity market but in turn the CLO market has benefited. Spacs have pumped equity into a number of highly leveraged companies, enabling lenders to get their money back. This has allowed CLO managers to enjoy a boost in credit quality, writes Paola Aurisicchio.
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Deutsche Lufthansa deferred the coupon on its hybrid debt, surprising the market and sending the bonds spiralling down almost nine points. The company said the decision came as the coupon payment would have violated state aid rules in relation to Lufthansa’s bail-out from the German government.
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Indonesian multi-finance companies are continuing to favour club loans over syndicated deals, with Federal International Finance becoming the latest firm to use this route for its fundraising. Pan Yue reports.
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