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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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The Fire and Police Pension Association of Colorado (FPPA) had never made a proper allocation to the CLO market before this year. In November, the board of directors of the pension fund approved a $70m commitment to a CLO debt strategy, despite the turmoil which had engulfed the asset class through the Covid-19 crisis earlier this year. Ben Bronson, director of liquid strategies at the fund, talked to GlobalCapital, about the new allocation.
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The Loan Market Association has got its contractual ducks in a row as it prepares to launch a new platform to automate parts of the documentation process for loans and ancillary services, with the industry body looking to start the service early next year.
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The Ineos group is reworking its financing structure, with a new funding group called Ineos Quattro. The reorganization comes ahead of the takeout of the funding for its purchase of BP’s aromatics and acetyls business, one of the largest 2020 bridges still outstanding.
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GlobalCapital Asia has spent the last two months talking to banks and their clients to determine the most impressive capital markets transactions and advisers across Asia ex-Japan in 2020, a volatile and unpredictable year. We are pleased to begin our awards announcements in the loan market.
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Chinese property developer Logan Group Co courted investors with a six year bond on Monday, raising $300m from a solid order book of $3.3bn.
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Philippine company SMC Global Power Holdings Corp added $350m to its coffers from a bond tap on Monday, taking advantage of market stability to return to investors rapidly.
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