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A slow destruction of misallocated investment is more likely than a sudden stop
LBO financing includes $5.75bn term loan to be priced early next week
Investors eye 2028, 2031, 2032 as big years for loan maturities
Even leveraged deals still being underwritten, though banks are selective
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Alcentra, the European subsidiary of BNY Mellon Investment Management, has appointed a new CEO. David Forbes-Nixon will step down to focus on his investment responsibilities. -
Tatjana Greil Castro has been promoted to co-head of public markets at Muzinich an investor in corporate credit.
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Corporate debt bankers say that the comprehensive restructuring and refinancing package agreed between baggage handler Swissport and its creditors is “just the beginning”, with a growing number of companies expected to restructure their debts as the Covid-19 pandemic drags on.
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NewOcean Energy Holdings is seeking consent from banks to postpone a principal payment on a $150m loan signed in 2016.
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Market observers believe that investors in open-ended debt funds need to be disincentivised more than they are at present from scrambling to liquidate their holdings in a market downturn.
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Once Schuldschein market darlings, auto parts suppliers are beginning to look to lenders like they may be in distress. Some fear a wave of credit restructurings on the horizon, when the market's lean documentation standards are likely to be tested.
