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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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Private equity firm Blackstone has launched into syndication a $360m loan that will support its leveraged buyout of India’s Piramal Glass. -
Philippines’ SMC Global Power Holdings, the power unit of conglomerate San Miguel Corp, has returned to the loan market for $200m.
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Guangzhou R&F Properties Co made a rapid return to the debt market this week for a $325m bond that proved popular with investors in the primary and secondary markets.
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Investors in search of extra yield are pushing CLO managers to once again add single-B tranches to deal structures, now that the volatile market conditions of 2020 have subsided.
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PGIM has pushed the market to a new tight by resetting a deal with senior notes at 104bp over three month Libor.
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CLO liability spreads are tightening faster than leveraged loans can reprice, boosting the arbitrage available for managers hitting this window and encouraging others to rush into the market where possible.
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