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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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TIM, formerly Telecom Italia, got almost €4bn of demand for its debut sustainability bond on Monday, a €1bn eight year. The company put its sustainable financing framework in place last year, an umbrella document allowing it to raise green, social or sustainable finance in bond or loan format. -
Digital Colony, which invests in mobile and internet infrastructure, has hired Latifa Tefridj-Gaillard as head of Europe capital formation.
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The first CLO to comply with both diverging regimes in the UK and the EU has closed, marking a post-Brexit point of no return for the securitization market.
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Bankers are betting on a strong year for the UK — Europe’s biggest fee pool — but the overlapping concerns of Brexit, Covid-19 and regulation make for an uncertain outlook, writes David Rothnie.
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This year looks likely to set records for CLO resets and refinancings, as managers call deals priced since the coronavirus pandemic began with wide spreads and expensive capital structures. Tightening spreads have also brought some 2018 and 2019 deals into refi or repricing territory, setting up a record year with as much as $78bn in refinancing and $115bn in resets, according to estimates from Deutsche Bank. Paola Aurisicchio reports.
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Banks launched the bond leg of a combined €5bn refinancing for alarm company Verisure, which will raise cash for a €1.6bn dividend to shareholder Hellman & Friedman. This payment follows the transfer of the company between two H&F funds at a €14bn valuation.
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