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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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Metals and mining company Vedanta Resources has returned a $1.75bn loan and redeemed a $1.4bn bond after its plan to delist its Indian subsidiary failed to attract enough support. -
Chinese property developer Country Garden has closed a $1.5bn-equivalent dual currency loan, attracting seven participants during syndication.
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Canadian insurer Sun Life Financial said it has agreed to buy 51% of Crescent Capital Group for up to $338m to expand its asset management business into mezzanine debt, middle market lending, high-yield bonds and broadly syndicated loans.
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HalseyPoint Asset Management has priced its second CLO with the applicable margin reset (AMR) feature embedded, broadening the use of the alternative method of repricing CLO securities to over $4.4bn of CLOs since 2017.
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Cerberus Capital Management auctioned off one of the largest ever portfolios of UK mezzanine mortgage bonds on Thursday, following a deterioration in the terms available in the ABS repo market after the Covid crisis made it uneconomic to continue to hold the deeply subordinated and risky positions.
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Permira opted to rescue its debt purchasing portfolio company Lowell from the restructuring that many thought was imminent, with the largest slug of equity support any sponsor has injected in Europe since the coronavirus pandemic began. Covid-19 has crushed cashflows for some debt purchasers, but next year should be a bumper year for NPL buying — for those firms with cash to do so, writes Owen Sanderson.
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