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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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The CLO market is putting the pandemic behind it, with equity distributions at almost pre-Covid time and structures back to the standard of early 2020. -
Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. Battlelines are now being drawn over the timing.
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UK gym chain Virgin Active’s restructuring could set a precedent for restructurings of UK retailers. Dozens of retailers have used ‘CVA’ processes to cut their debt burdens, which typically hits their landlords hard but leaves other creditors unscathed. Virgin Active is instead using the new UK ‘super scheme’ restructuring law introduced last year to try to bind landlords and other creditors alike into accepting writedowns.
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Grünenthal, the German pharmaceutical firm which specialises in painkillers, is looking to refinance its debt with an inaugural high yield bond, just two months after buyers reportedly shunned the company over ESG concerns around opioid manufacturing.
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BlueBay Asset Management has hired a portfolio manager to its structured credit and CLO management team, bringing in Tom Mowl from his previous position as senior portfolio manager at Challenger Investment Partners.
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German TV shopping network HSE is preparing a new high yield bond to refinance its existing unitranche debt and pay owner Providence Private Equity a dividend.
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