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◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
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Fair Oaks Capital has hired structured finance professional Christos Danias to run marketing in its European CLO group. -
Swedish airline SAS needs Skr12.5bn (€1.2bn) of new funding to get through the coronavirus pandemic. The Swedish and Danish governments have pledged billions more to support it, on top of the revolving credit facility guarantees granted last month, but want “burden sharing” from financial stakeholders in SAS, including holders of its conventional and hybrid bonds.
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Cineworld has withdrawn from its proposed acquisition of Canada’s Cineplex, which had been funded by a $1.9bn term loan syndicated in February. With lenders to the transaction sitting on a paper loss of around 30 points, the collapse of the agreement will prove a boon, but break fees, swap costs and litigation could chip away at the chain’s stretched cash resources.
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Indofood CBP Sukses Makmur is putting together a shortlist of banks for its $2bn loan, which will fund its acquisition of instant noodle maker Pinehill Co.
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Hotel and casino operator Wynn Macau followed its gaming peers into the dollar bond market last Friday, but weaker market sentiment meant the borrower failed to tighten guidance on its $750m deal.
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John Hempton, the Australian short seller and self-styled eccentric, believes fraudulent companies will soon become evident in the corporate rubble left by the coronavirus pandemic. Hempton, who has bet against 1,100 companies over the course of his career, explained how his hedge fund Bronte Capital goes about finding rotten eggs in business and finance.
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