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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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In one of the first pieces of public research on the nascent direct lending asset class in Europe, a report from Oxford University’s Saïd Business School has found that it could grow assets under management by as much as 50% in the medium term, owing to banks retreating from the mid-market and investors looking for higher yields from credit. -
Traders say the CLO market is suffering from new issuance fatigue, while worries over inflation and rising Treasury yields have also begun feeding into the European secondary market. But any softness is unlikely to last long, given a strong longer term technical backdrop.
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WH Smith, the UK high street retailer, has extended its bank term credit lines and cancelled a crisis liquidity facility, as the borrower posted better than expected trading figures since the start of the year.
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Carpet and tile company Victoria returned to the bond market for its second outing in a month, raising another €250m of debt in a drive-by. Unlike its February issue, however, the new cash will mostly be used to push out its maturities, being earmarked to pay down its 2024s at a punchy make-whole spread of 50bp over Bunds.
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China’s Guangdong Lingyi iTech Manufacturing Co, a company focused on making magnetic materials, electric motors and electric wires for automobiles, computers and mobile phones, has hit the market for a $150m loan.
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The strong CLO volumes, both new issue and repricings of existing deals, has started to weigh on spreads, softening pricing across mezzanine tranches over the last 10 days, signaling that demand is started to be overwhelmed by the heavy supply.
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