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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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VPBank Finance Co, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has exercised the greenshoe option to increase the size of its loan to $170m. -
Hong Kong’s personal loan provider, United Asia Finance, has returned to the market for its annual borrowing. It is seeking a HK$1.2bn ($154.8m) facility.
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Monday saw a flurry of new high yield financings launched, including one market debut, the €1.25bn buy-out package for BC Partners’ takeover of Italian machinery maker Industria Macchine Automatiche (IMA). Also launched on Monday were VodafoneZiggo’s green debut (see separate story), a refi for debt purchaser Encore Capital, and a sterling deal for Ford.
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CVC Credit Partners has hired two partners to join its private credit team, one of which will be co-head of private credit.
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Whether or not Schuldschein debt is deliverable under CDS auctions is becoming more than an academic discussion, as analysts look to companies like travel firm Tui’s financial future. While the instrument fits the criteria as relevant debt for a CDS auction, the private nature of the contract could prevent the Determinations Committee from ruling.
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VodafoneZiggo has launched its debut green bond, a major step forward for the high yield market, which has lagged behind other fixed income asset classes in adopting labels such as ‘green’, ‘social’ or ‘transition’. Liberty Global, which owns 50% of the Dutch telco, is one of the largest sponsors in European leveraged finance, and leadership from this quarter could kickstart a broader growth in labelled HY debt.
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