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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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Cairn Capital, the alternative credit asset management firm in which Mediobanca has a majority stake, has agreed a deal to buy and merge with Bybrook Capital. -
GCL New Energy Holdings, a Chinese solar power company, has failed to repay a $500m bond that was due on January 30.
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Property company China Fortune Land Development has missed payments on Rmb5.255bn ($813m) of onshore debt, adding to concerns about its liquidity condition and access to funding.
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Mongolian Mortgage Corp (MIK), which was forced to pull its dollar bond last month after sudden political upheaval in the country, returned to the market on Monday to raise $250m.
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TCW Asset Management refinanced a CLO issued in 2019 via an applicable margin reset (AMR) auction, becoming the first manager to use the innovative way of refinancing twice.
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AGL Credit Management hired David Preston, the former head of CLO and ABS research team at Wells Fargo Securities laid off by the bank last year. Preston has been appointed on Monday as head of structured credit research at AGL, reporting to CEO and CIO Peter Gleysteen and COO Wynne Comer.
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