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Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
A slow destruction of misallocated investment is more likely than a sudden stop
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Slowing dollar bond supply from Chinese property companies got a further blow this week after Yuzhou Group Holdings was hit with a downgrade, triggering a slump in the secondary market. With more disruptions expected, and as liquidity pressure on real estate firms rises, a repricing of the sector may be on the cards. Morgan Davis reports. -
CLO managers have begun to reset their Covid-era deals, slashing liability costs, as illustrated by AGL Credit Management, which shaved 114bp off the margin of a senior tranche originally priced in April 2020.
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Douglas, the highly levered beauty retailer, is finding the bond market more receptive than loans to its turnaround refinancing. It has restructured its debt package to switch €330m of secured loans to bonds. The comeback deal appears still on track, though the PIK notes are being marketed at a punchy 9% yield.
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More than one in 10 European companies had to renegotiate covenant waivers on loans to offset a collapse in earnings from the pandemic, and loans bankers say they are still getting requests from borrowers to amend terms.
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China SCE Group Holdings managed to raise $300m from a narrow issuance window on Tuesday, just as sentiment started to sour around the country’s high yield property bond market.
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Singapore-listed Manulife US Real Estate Investment Trust has raised a $250m five year sustainability-linked loan from two banks.
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