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Hatzinger had been Agricole's head of loans for Dach
Claim that fees put off institutional investors denied
Liquidity event at American manager comes at fraught time for industry
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UK hospitality companies have been avid users of the US private placement market in the past, but since the coronavirus pandemic began, their businesses have been up-ended, with pubs subject to curfews, social distancing and closures. Fortunately, US PP investors have largely followed bank lenders in opting for leniency, waiving covenants or switching to monitoring minimum levels of liquidity. One firm even managed to raise new debt this summer. -
The coronavirus pandemic has subjected the European leveraged loan market, where ‘cov-lite’ documents reign supreme, to a brutal test. The early results are positive.
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Ion Investment Group is preparing to combine its Dealogic and Mergermarket units under a single corporate entity, Ion Analytics, and refinance the group’s expensive private debt raised last year with a cheaper, broadly syndicated loan package across dollars and euros. A strong performance over the last year should encourage investors to look past the group’s previous struggles with access to the public markets.
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Golub Capital priced the first CLO to take advantage of the Term Asset Backed Securities Loan Facility last week, selling a $678m static transaction arranged by Société Générale backed by a pool of mostly middle market loans. The deal, expected to close on October 30, may pave the way for more middle market managers to tap TALF funds, but sources remain skeptical that the program will have much impact on the wider CLO space.
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This week in Keeping Tabs: how the European Central Bank could decarbonise its corporate bond book, how digital banks would suffer if the Bank of England goes negative, and what UK financial services policy could look like after Brexit.
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A host of Chinese issuers found one of the last windows to sell bonds on Thursday ahead of the US presidential elections at the beginning of November and a public holiday in Hong Kong early next week.
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