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The era of pure-play private equity is over. Banks are pulling different divisions together to serve the complex needs of global asset managers
Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
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Swissport, the airport services company owned by HNA Group of China, successfully shaved 25bp off the cost of its term loan B in its recent repricing, in spite of a backdrop of increased fears about the coronavirus and its impact on the aviation industry. However, the deal was less of a slam dunk than other recent refinancings. -
Dutch equipment rental company Boels has launched a €1.61bn term loan B to finance the acquisition of Cramo, a Finnish rival. It is a rare chance for lenders to access a leveraged deal with maintenance covenants, a concession sponsors will no longer give but which some companies can still tolerate — though the huge headroom in this case means they are a minimal restriction.
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Investors flocked to Indian credits on Thursday, as UPL Corp and Muthoot Finance sealed new dollar bonds in a busy market.
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Three Chinese issuers visited the dollar bond market on Thursday, raising $1.2bn between them.
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The Central American Bank for Economic Integration is hoping to persuade the UK government to join it as a shareholder, holding out the prospect that UK companies building infrastructure in central America might be able to gain preferential funding on attractive terms now enjoyed by Korean firms.
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Golub Capital this week priced its first broadly syndicated loan CLO of 2020.
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