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In recent weeks, private credit and direct lenders have brought more certainty to borrowers as capital markets were roiled by tariff chaos
Banks already working on deals in the industrials and chemicals sectors
As Ares raises the largest direct lending fund, Goldman Sachs reorganises to serve the trend
Sole bookrunner Morgan Stanley gets deal multiple times covered
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Two coffee firms are marketing high yield bonds this week, as a strong market backdrop encourages sponsors to lock in cheap funding. The two issues sit at opposite ends of the coffee spectrum — service station self-serve and high end barista-style kit — but both companies are sponsor-owned single-B names. -
Clauses to stop investors who are ‘net short’ a particular credit influencing any restructuring or default are becoming more common, with buyout debt for Bain Capital’s Kantar spinout and Blackstone’s Merlin take-private including the new terms. These may not be watertight, but that doesn’t matter — the point is to make it awkward for investors taking this approach.
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The bond leg of the loan-dominated buyout packages for Kantar and Merlin hit the market on Monday, giving investors a chance to buy subordinated debt in size. But both Bain Capital, and Blackstone, the sponsors, have included controversial provisions to limit the rights of noteholders who are ‘net short’.
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TDR Capital’s EG Group, formerly known as Euro Garages, started marketing high yield bonds in dollars and euros this week to part-fund its takeover of US peer Cumberland Farm, its largest acquisition during a two year spree that has left investors holding billions of the group’s debt. The Cumberland purchase has pushed EG’s bonds issued in May around five points lower.
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For Canadian pension fund CDPQ, direct investments in private equity have become a crucial part of portfolio management. As the political debate around PE firms heats up globally, the Quebec pensioners are enjoying the fruits of CDPQ’s foray into the risky, demanding asset class that is off-limits for many smaller pension funds.
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Jesus Rio Cortes, a managing director at Bank of America Merilll Lynch in the EMEA securitization group, has joined Apollo Global Management.
