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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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Barclays has hired Mani Joseph from Goldman Sachs to lead its Asia special situations team. -
Some CLO sources expect increased fears about inflation to enhance demand for CLO liabilities, as investors seek floating rate instruments. But other sources see the market taking a pause as investors assess the broader impact of inflation on fixed income and on relative value with corporate bonds. Sustained inflation could also hurt corporate profitability, and therefore the credit quality of CLO obligors.
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With inflation expected in the coming months, investors are set to allocate more cash to floating rate instruments – tipping the scales toward loans in leveraged buyout financings.
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Encore Capital is launching a £250m refinancing to push out its maturity profile and pay down the last bond issued under the Cabot Credit Management brand. The move comes following strong results published in early May and an upgrade to positive outlook from Moody’s.
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Grünenthal, the German opioid maker, has signed a €400m revolving credit facility, less than a month after making its postponed debut in the high yield bond market.
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Three Chinese companies decided to tackle their refinancing needs on Monday with new bonds, grabbing a short issuance window ahead of a public holiday in Hong Kong and some other Asian markets on Wednesday.
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