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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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Permira and partners have injected £600m of equity into their debt collector portfolio company Lowell as part of a £2.2bn recapitalisation and refinancing effort for the troubled company, which saw its bonds heavily shorted and was widely expected to restructure its liabilities this year. The contribution is the largest equity injection from a sponsor in EMEA since the coronavirus pandemic began, and reflects what Lowell's management sees as a historic opportunity to buy NPL portfolios in the months ahead. -
ReNew Power, the Indian renewable energy giant, brought a $325m green bond to the market on Tuesday. It offered investors a rare opportunity to buy a high yielding deal from the country, despite using a fairly unusual structure for its transaction.
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Credit Suisse Asset Management has closed its first CLO equity focused fund, raising $265m from investors.
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Cerberus Capital Management is selling 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 huge volatility seen in the Covid crisis. The sale comes the same week as the sale of the last tranche of mortgages by government bad bank UK Asset Resolution, which could also flood the market with mezzanine supply.
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UBS's investment bank beat analyst consensus as capital markets revenue was up sharply year-on-year, while a sale of intellectual property rights resulted in a one-off gain, the bank showed in third quarter results on Tuesday.
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Getlink, the company that operates the Channel Tunnel, is preparing a €700m high yield green bond to refinance its 2023 bonds and raise cash for capex, including finishing off a landmark electricity connection between the UK and France. The refi comes after it negotiated waivers on the covenants in its term loan to deal with the impact of the pandemic.
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