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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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Indofood CBP Sukses Makmur is putting together a shortlist of banks for its $2bn loan, which will fund its acquisition of instant noodle maker Pinehill Co. -
John Hempton, the Australian short seller and self-styled eccentric, believes fraudulent companies will soon become evident in the corporate rubble left by the coronavirus pandemic. Hempton, who has bet against 1,100 companies over the course of his career, explained how his hedge fund Bronte Capital goes about finding rotten eggs in business and finance.
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Chinese property developer Yanlord Land Group has returned to the loan market with a dual-tranche refinancing deal of up to $1bn.
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Private debt markets in Europe have lost their sheen in the past few months. Having grown into attractive alternatives for companies looking to diversify from public and bank markets, the Schuldschein and US private placement markets were left by the wayside during the pandemic as borrowers went for quick cash instead.
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BNP Paribas has provided €40bn of loans to corporate clients in the eye of the Covid-19 storm, amid claims that rivals are retrenching. David Rothnie asks if balance sheet support will result in bigger corporate finance fees.
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Bonds of Unilever, the consumer goods firm, jumped on Thursday, despite it being a day of risk aversion in the markets, after it announced plans to merge its Dutch and UK entities. Unilever billed the move as simplifying its corporate structure to prepare for what it expects to be "the increasingly dynamic business environment that the Covid-19 pandemic will create" — as bankers predict industrial shake-ups will lead to mergers and acquisitions.
