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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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As Tuesday's vote count looks likely to drag into Thursday without a clear winner in the US presidential race, the CLO space is likely to remain stalled through next week after managers raced to get ahead of the US election to price around $13bn of deals in October. -
The Alternative Credit Council (ACC) has recommended allowing CLOs to obtain a ‘simple, transparent and standardised’ (STS) certification to increase the flow of funding to European borrowers. Investors have pushed back on such proposals, however, citing the heavy due diligence needed to invest in STS deals.
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JP Morgan has made Stefan Povaly, co-head of EMEA leveraged finance origination, country head for Germany, part of a raft of senior changes in the country following the promotion of Dorothee Blessing to co-head of EMEA investment banking earlier this year.
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German dairy group Müller has sold €250m of US private placements across five, seven and 10 years maturities.
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Aerospace and defence supplier Meggitt has sold $300m US private placements at three and five years, according to market sources, with leverage step ups to further protect investors.
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Zhaoheng Hydropower (Hong Kong) has missed a payment on a 2017 dollar loan. It had extended the maturity on that deal earlier this year.
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