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No one is sure when AI's threat will strike, or where
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
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Institutional private credit is emerging as a competitive substitute for bank lending in Europe, but companies need to remember that alternative lenders define what they are looking for more narrowly than banks. -
Gatwick Airport brought its debut subordinated bond to market this week, a high yield issue raised from its holding company that found investor demand for more than three times the deal size, and that was priced at the tight end of talk.
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Swiss technology firm Comet served up a niche sub-investment grade bond to high net worth investors this week, issuing a 1.3% Sfr60m ($64m) five year.
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Leads tightened pricing and increased the size of an opportunistic maturity-pushing loan and bond refinancing for French supermarket Casino this week, with investors keen to buy the company’s turnaround story and look past the troubles of its holding company, Rallye, which needs a slug of cash to pay bondholders in 2023.
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Plenty of CLO managers are still failing their weighted average rating factor (WARF) tests on both sides of the Atlantic, limiting their capacity to buy new lower-rated deals, even as banks bring some of their most challenging offerings to market as the quarter closes.
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Vaibhav Piplapure, widely known as VP, has signed on for a second stint in KKR’s credit business, returning to the firm as a London-based managing director sourcing asset-based finance and speciality lending opportunities.
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