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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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Direct lending funds are known for protecting their investments with leverage covenants, but the investors in these funds — known as limited partners (LPs) — may be overestimating how much protection they give, market sources warned this week. Silas Brown reports. -
Equity investors may finally, after months of being deluged with new listings, be about to get a break in August from the relentless deal activity that has defined the year. But they will come back in September to a market so busy that bankers believe bringing a deal then will be impossible for any companies that have not already committed to doing so, writes Sam Kerr.
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The recent volatility in Asia’s dollar bond market caught up with borrowers this week, as investors began to demand more premium for new deals. While issuers may have to pay up to raise funding in the near term, some bankers think a rally is imminent. Morgan Davis reports.
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Danish credit investor Capital Four has made three additions to its CLO and high yield business in the US.
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Allen & Overy has plucked a lawyer from Latham & Watkins as a partner in its leveraged finance team in London.
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Greece’s Public Power Corp priced €500m of sustainability-linked high yield bonds on Wednesday to repay bank debt, after becoming the first HY borrower to use this structure in March.
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