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Liquidity event at American manager comes at fraught time for industry
No one is sure when AI's threat will strike, or where
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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Chinese property developer Sunac China Holdings has managed to reprice its secondary curve by raising $1.1bn from tightly priced bonds.
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Standard Chartered and United Overseas Bank have provided a HK$5.29bn ($682m) green loan to support a Gaw Capital Partners-led consortium’s acquisition of Cityplaza One.
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More managers are coming into the market to take advantage of tighter spreads, and refinance or reset CLOs while new CLO issuance is expected to really take off in the next two weeks.
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Barclays took out the bridge financing for TowerBrook and Warburg Pincus’s takeover of UK roadside assistance group The AA on Wednesday, selling a £280m five year bond at 6.5%.
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Green securitization is firmly on the menu as part of the European Union's push for sustainable investment. But one corner of the market is proving slow to change, despite taking baby steps in that direction.
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Italian facility management company Rekeep signalled market appetite for the spicier end of high yield this week, issuing a €350m five year non-call two at 7.25%. This will trim the company’s sky high funding costs, paying for the redemption of its 9% 2022s.
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