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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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CLO managers took different approaches to deal with a primary market last week in which prices softened all the way down the capital structure from the tights of late September. One manager, PGIM, even opted not to issue single-B rated notes, using a delayed draw structure instead.
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Canpack, a Poland-based packaging company, is making its debut in the euro and dollar high yield market this week, as it seeks to shake off the constraints of its private placement-based capital structure and prepare for expansion in the US. -
The Securities and Exchange Commission in a report published this week said the agency recognized that the CLO market has fared reasonably well through the crisis, but warned that “disruption brought on by the COVID-19 economic shock is still ongoing" and that their outlook could change.
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Large deals and fundraising from a clutch of elite direct lenders, alongside high profile tie-ups with sovereign wealth funds, have prompted many to characterise direct lending as enjoying a golden age. But the success of some funds looks set to come at the expense of many others, writes Silas Brown.
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Germany is set to implement a total revamp of its corporate restructuring rules from next year, with a draft bill overhauling a court-led regime more than 25 years old and replacing it with rules law firm Kirkland & Ellis called ‘best practice’.
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Jaguar Land Rover, whose February bond issue was one of the first casualties of the coronavirus pandemic in the capital markets, has brought its first bond issue since, strengthening bond terms with a ‘springing lien’ protecting investors against future priming debt.
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