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Deal rules and slow primary market make ramping up deals difficult
◆ Supranationals and agencies prepare to achieve the previously unthinkable ◆ Leveraged loans versus private credit and their effect on CLOs ◆ A new dawn for dollar covered bonds and UK equity market structure
◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
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Corporate default rates are expected to decline towards the end of this year after peaking in the next few months, but the number of borrowers facing a plunge into junk ratings is near a record high. Lenders say that they are taking a pragmatic view on the companies in their loan portfolios to try and prevent defaults. -
Taiwan’s GaleMed Corp is tapping the loan market for a $70m-equivalent dual-currency deal for refinancing debt and dividend recapitalisation.
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CLO specialist at Penn Mutual Asset Management Jason Merrill was fired on January 7 after eight years with the firm, according to people familiar with the matter.
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Plastics packaging firm Klöckner Pentaplast (KP) has included an ESG margin ratchet in the loan leg of a refinancing, the first time this has been added to a dollar-denominated loan, though the structure is becoming increasingly common in euros.
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UK broadband company TalkTalk sold an add-on to its existing high yield notes this week, raising new term debt to pay down its revolver. The company is subject to a takeover bid from Toscafund and Penta Capital, which will leave its existing bonds in place, but grant them security, as well as layering in extra leverage with a PIK toggle from Ares.
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Hellman & Friedman refinanced the capital structure of portfolio company TeamSystem this week as it moved ownership between funds. H&F recently completed a similar transfer of its Verisure holding but, unlike that switch, this move isn’t accompanied by a monster dividend payment to the new fund, although the TeamSystem deal still boosts leverage.
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