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Even leveraged deals still being underwritten, though banks are selective
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
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Some fear a sorry fate for European private debt funds, as small and medium-sized businesses across the continent struggle to stay afloat amid the devastation caused by Covid-19. Symon Drake-Brockman, founder and managing partner of Pemberton Capital Advisers, one such private debt fund, spoke to GlobalCapital’s Silas Brown about the pandemic and the prospects for private credit in its wake. -
The coronavirus lockdown in the UK is hurting cashflows to pub company securitizations, potentially putting firms in the firing line for bondholders, who have strong asset security rights in the highly leveraged vehicles. Meanwhile, banks are still sat on the £1.45bn acquisition debt to fund Stonegate’s takeover of Ei Group, which technically ranks behind one of the largest pubco securitizations, Unique.
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Outrage has erupted among US progressives at efforts from the private equity industry to ensure their portfolio companies get a piece of government support for corporates. The buyout barons don’t do much to endear themselves to the public, but sponsor funds are just another legal vehicle for owning equity — and there’s no point punishing a company for its owners.
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Some M&A bankers said they plan to pull the trigger on deals after the summer if the coronavirus pandemic continues to be contained, though lenders warned that internal credit analysis has become more stringent.
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Schuldschein bankers are working out what pricing is fair during the Covid-19 crisis, as investors observe sharp widening in euro bond spreads.
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Zhejiang Geely Holding Group, a Chinese auto company, is in talks with banks for a new loan to support a planned restructuring.
