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Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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Goldman Sachs has launched a multi-borrower CMBS backed by office buildings in Austria, Finland, France, Germany and the Netherlands. Around half of the deal funds a portfolio that Fortress recently bought from Stena AB’s real estate arm. -
Segezha, the Russian paper and pulp company, has completed its IPO on the Moscow exchange. The conclusion of the listing was a relief for the company, given fears that it could have been derailed by political tensions between Russia and the US.
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Crédit Agricole has struck a new synthetic risk transfer deal with the International Finance Corporation, in which it will shed about 90% of the risk on $4bn of emerging market trade finance loans. The IFC expects to use securitization more to help banks in developing countries cope with the effects of the coronavirus pandemic.
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Commodity trader Trafigura has closed a $203.5m US private placement. It is the largest sustainability-linked issue on record, according to GlobalCapital analysis, and signals the PP market is taking ESG financing more seriously.
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Kaisa Group Holdings closed a $500m bond this week, part of a liability management exercise.
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Eagle Point Credit Management has added Sam Yoon to its CLO investment team to assist in CLO debt trading and portfolio management. Yoon will report to Dan Ko, principal and portfolio manager at Eagle Point.
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