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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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Sterling supply in high yield and leveraged loans has proved a rare sight since the 2016 Brexit vote, with UK-based borrowers preferring to seek euro funding where possible. But this week saw four deals in the currency — a relative bonanza.
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The Covid casino has produced winners and losers among Europe’s high yield gaming firms, with lottery firm Sazka securing a fat equity cheque from Apollo, while Codere has some worried that its restructuring, wrapped up in October, did too little to cut its debt burden. -
Thames Water’s holding company launched a sub-investment grade bond and tender offer to push out its 2022 maturity, announcing the new bond as markets firmed up on Monday.
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CLO equity is still a scarce commodity, despite better than expected performances from the asset class this year in the face of the pandemic. Some investment firms are said to be raising CLO equity funds, but others suggest it remains hard going, and managers with captive funds will remain in charge.
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Market euphoria following news of Pfizer’s potential Covid vaccine created a perfect window for lead banks Barclays and Jefferies to sell out of a bridge loan for UK fitness chain PureGym, which they had held since underwriting it in January — one of the last pre-Covid acquisition loans yet to come to market.
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Chinese property borrowers are increasingly taking a strategic approach to managing their liabilities by tendering old notes when new bonds are announced. The trend has taken off this year, and is set to be the norm as issuers become more proactive in tackling their refinancing needs sooner rather than later. Morgan Davis reports.
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