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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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BNP Paribas has provided €40bn of loans to corporate clients in the eye of the Covid-19 storm, amid claims that rivals are retrenching. David Rothnie asks if balance sheet support will result in bigger corporate finance fees. -
Carton manufacturer SIG Combibloc has refinanced much of its capital structure with a dual-tranche three and five year bond, moving to an unsecured debt package as it targets an eventual investment grade rating. The pricing reflected its crossover rating, with the shorter tranche sneaking under 2%.
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Bonds of Unilever, the consumer goods firm, jumped on Thursday, despite it being a day of risk aversion in the markets, after it announced plans to merge its Dutch and UK entities. Unilever billed the move as simplifying its corporate structure to prepare for what it expects to be "the increasingly dynamic business environment that the Covid-19 pandemic will create" — as bankers predict industrial shake-ups will lead to mergers and acquisitions.
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Norwegian cruise and ferry company Hurtigruten has raised a €105m three year loan through JP Morgan and Goldman Sachs, ranking in line with its existing loans and paying 800bp. This follows an agreement on Monday to suspend the company’s leverage covenant and replace it with a cash covenant, an approach that lenders are increasingly using for companies facing sharp revenue stops.
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Some CLO managers in Europe are discussing new warehouse lines, paving the way for the CLO primary market to restart after pre-Covid deals are cleared. Counterparts in the US, meanwhile, are riding a wave of optimism that will likely take the market back to pre-pandemic pricing levels over the summer. Owen Sanderson and Paola Aurisicchio report.
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Chinese online marketplace 58.com is seeking a $3bn loan for its take-private from the Nasdaq. The company is relying on Chinese banks to raise the money, but several told GlobalCapital Asia they were not interested. Pan Yue reports.
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