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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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CLO refi and reset activity has departed from its usual forms, with some managers resetting a single deal in a limited time frame, while others take the opportunity to switch tranches from fixed to floating, or focus refi efforts on a limited number of tranches. Managers don't want to lose the opportunity presented by current market conditions to save costs, and are seeking different solutions to optimise their structures. -
Finnish healthcare provider Mehiläinen increased the size of its ESG-linked refi loan from €300m to €1.06bn, refinancing not just the second lien loan, as originally intended, but the company’s entire first lien capital structure. Leads HSBC and Jefferies also tightened the margin range from launch levels.
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Commercial landlords in the UK are angry about gym chain Virgin Active’s restructuring plan, and with good reason. Many of them have lost out heavily, while senior secured creditors got away with little more than an amend and extend.
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A group of nine issuers from Asia sold green or sustainability dollar bonds this week, propelling volumes to new highs. A large part of the debt business in the region is still focused on green and the environment, but there is growing urgency to pay more attention to governance standards. Morgan Davis reports.
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Guandong Haid Group Co and Shenzhen Yuto Packaging Technology Co are both making their debuts in the loan market.
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TCW Asset Management has reset a CLO issued in the early phase of Covid for the second time, extending the life of the deal to five years.
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