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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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Embattled Chinese borrower Tsinghua Unigroup Co missed payment on a $450m bond that was due on Thursday, with the non-payment expected to trigger cross-defaults on a number of its other dollar notes. -
GlobalCapital and Standard Chartered hosted a combination of virtual and in-person roundtable on the China high yield debt market at the end of November. The third part of a 2020 series followed the first roundtable in April and the second in July. This time around, leading experts came together to discuss the opportunities and outlook for the Mainland’s high yield bond market.
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The launch this week of the Climate Transition Finance Handbook has propelled the sustainable debt market towards a new era, in which the emphasis moves from a labelled security to the issuer itself, writes Jon Hay.
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Green bonds awakened the debt capital markets from their long, slumbrous ignorance of environmental peril.
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CLO managers are seeking more influence on the outcome of restructurings, baking additional flexibility into deal documents to avoid being blindsided by more flexible distressed debt funds better equipped to extract value from corporate restructuring negotiations. New CLOs are adding extra space for loss mitigation loans while older deals are seeking investor consent amend their docs.
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Mid-December is rarely the perfect time to take out more than €1bn of LBO financing, but 2020 has been full of surprises, and BC Partners’ acquisition debt for its investment in Italian machinery maker Industria Macchine Automatiche (IMA) flew off the shelf — though not without a tweak to the most aggressive documentation terms. Plenty of other high yield issuers also spotted the window, which looks set to make this December record-breaking.
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