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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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Partners Group has returned to the US CLO market this year, pricing a rare CLO including an ESG factor screen, a trend which is sweeping international markets and which is slowly gaining traction in the US.
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BlackRock wants to move a long way towards catching up with leading investors in its response to climate change, its CEO Larry Fink indicated in his annual letter to chief executives on Tuesday. BlackRock stopped short of setting a net zero carbon emissions target for its $8.7tr of assets under management, or committing to swift decarbonisation. But it did publish a ‘net zero commitment’ saying it would “support the goal of net zero emissions by 2050 or sooner”.
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Direct lenders and debt funds have always pitched themselves as being more suitable partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can be quicker to waive covenants and offer new money than a less concentrated creditor group. But this also puts them in pole position to take the keys from a business should things go wrong — which we may see happen this year. -
UK broadband company TalkTalk is marketing an add-on to its existing high yield notes, raising new term debt to pay down its revolver. The company is subject to a takeover bid from Toscafund and Penta Capital, which will leave the existing bonds in place, but grant them security, as well as layering in extra leverage with a PIK toggle from Ares.
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Three Chinese property companies announced dollar bond transactions on Monday, continuing the run of issuance seen from the high yield market since the beginning of the year.
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A trio of banks have arranged a $697.84m CLO priced by GoldenTree Loan Management, in its first transaction of the year.
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