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Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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Biogroup’s debut in the high yield bond market has become one of the tightest ever triple-C rated issues, validating the former loan-only company’s decision to turn to public markets to add subordination to the refinancing of its capital structure. -
European and US direct lending’s insatiable rise to relevance has so far not brought with it a push towards sustainable finance. But this year may be different, as certain private debt funds are setting out ESG blueprints for others to follow.
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KKR has appointed a new partner to help manage its private credit business.
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Credit Suisse Asset Management (CSAM) has hired a head of origination in its direct lending group, following the firm's multi-billion push into private credit in partnership with Qatar Investment Authority.
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Smurfit Kappa, the Irish paper and cardboard packaging company, has signed its first sustainability-linked loan for €1.35bn, at the same time as setting new targets to reduce its carbon footprint and water use and employ more women.
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Anglo-German travel and tourism group TUI has completed its heavily discounted €544m rights issue, which is part of a bailout of the company.
