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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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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. -
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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More Singaporean companies are making the transition to a new local currency benchmark rate in preparation for the end of Libor, with Sembcorp Industries becoming the latest firm to raise a loan linked to Sora.
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Indonesia’s Pan Brothers has requested Moody’s to withdraw its corporate issuer rating after a spate of downgrades this year, as the textile company struggles to put together a loan to meet some of its looming maturities.
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Citi arranged the reset last week of a $503.9m CLO managed by Elmwood Asset Management, extending the deal with a new five year reinvestment period as CLOs slowly return to pre-Covid format.
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Blackstone Property Partners, the pan-European real estate company, got solid demand for its April 2027 bond on Monday, after last week’s tepid reaction from investors to the sector that saw a deal pulled.
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