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Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
A slow destruction of misallocated investment is more likely than a sudden stop
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A wider market rally boosted by positive vaccine news from Pfizer, Moderna and the University of Oxford has begun feeding into the European CLO market, tightening secondary spreads while primary markets remain more sluggish. -
Balkan telecoms and cable company United Group slipped into the high yield market on Monday to launch a drive-by bond as it released its earnings results, seizing on strong market conditions to repay its revolving credit facility and part-fund the purchase of Greece’s Forthnet.
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Hong Kong Broadbank Network has increased a loan to HK$5.5bn ($709m) after attracting 20 participants during syndication.
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Bonds from India’s Future Retail rallied in the secondary market this week, after Reliance Industries got approval to buy the struggling business.
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A flurry of primary CLO deals in the BSL and middle-market opened up post-election supply in the US last week, with Ares Management achieving the tightest spread on triple-A rated paper since the pandemic and Pimco returning as issuer after a 13 year absence.
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Penta CLO 2 has become the first CLO to switch its coupon payment from three month Euribor to six month Euribor, according to Fitch Ratings on Monday, following the flood of underlying loan borrowers choosing to push payments onto the longer timeline.
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