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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
Deal launched into improving market following pause earlier in the week
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Mars Capital, now a subsidiary of Arrow Global, has probably sold controlling positions in two Irish reperforming loan portfolios, securitized in RMBS transactions Grand Canal 1 and 2, with the Grand Canal 1 portfolio rapidly returning to the market in a Morgan Stanley-backed deal announced on Wednesday. The move comes as TDR Capital’s bid for Arrow heats up, with shareholders now ready to vote on approval. -
Vietnam property developer BIM Land JSC made its debut in the dollar market this week with a green transaction.
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Goldman Sachs has launched a multi-borrower CMBS backed by office buildings in Austria, Finland, France, Germany and the Netherlands. Around half of the deal funds a portfolio that Fortress recently bought from Stena AB’s real estate arm.
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Kaisa Group Holdings closed a $500m bond this week, part of a liability management exercise.
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Standard Profil, the auto supplier which makes sealing for cars, was in the bond market on Tuesday looking to sell €275m of five year notes.
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Birkenstock’s acquisition financing package saw changes to the documentation during syndication, announced on Monday. While the deal comes with an aggressive covenant package, the amendments do little to smooth the edges, instead raising the possibility that a rapid flotation of the business could see bondholders repaid inside the non-call period.
