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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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Chinese property developer Kaisa Group Holdings reset the price for all of its bonds on Wednesday when it sold a $300m sub-one year note. -
ING has hired former European Credit Management portfolio manager Chris Telfer for high yield credit trading, focused on autos and paper and packaging names.
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Virgin Media, the UK cable company, has announced a new sterling issue from its vendor finance high yield bond programme, following a dollar deal on Monday, as it terms out funding and prepares for its merger with UK mobile company O2.
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Investcorp's Credit Management business is one of the largest CLO issuers in Europe, with 24 deals under its belt, and a firm focus on the large cap, broadly syndicated market. GlobalCapital spoke to its boss, veteran leveraged finance investor and banker Jeremy Ghose, about how the coronavirus crisis has changed the LBO market, what CLOs will look like in the future, and the grim outlook for direct lending.
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For a failing business, the coronavirus pandemic has offered the perfect excuse. With so many well-managed companies forced to close their doors during lockdowns, record unemployment across several countries and a severe global recession on the cards, who can blame a management team or its backers when a corporate is on the edge of collapse?
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Telepizza bonds sold off by around 30 points on Monday on news that the company had appointed restructuring advisers, available liquidity was sharply lower than the market had expected, and the company needed around €100m of new money to stay in business — slightly less than the €130m dividend it paid last year after KKR took the Spanish pizza chain private.
