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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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Spreads on triple-A CLO bonds have tightened to a new Covid-era low, with Oak Hill Advisors pricing a $458m deal at 125bp over three month Libor. -
Research from Bank of America shows European high yield issuers boosted their cash holdings by €97bn year on year, a 60% increase, and a record level for nearly all regions and sectors.
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Technical changes to the UK government’s large business support scheme open the way for private equity-owned firms to draw on the facility, but limits on dividends and new indebtedness may still discourage sponsors from using the scheme.
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Gabriel Levy will start as Natixis's global head of debt capital markets this week, replacing Michael Haize, who is moving over to the global markets division to become global head of rates and currencies trading.
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A gap in tranche performance has opened up between the secondary and primary market for triple-A rated CLO notes in euros, after rapid selling of double-B and triple-B rated notes forced spread compression off the back of worsening macro conditions and end-of-quarter capital requirements.
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Caesars Entertainment, the US casino operator, is in advanced talks to buy UK gambling company William Hill for £2.9bn in cash. The deal will be financed with an equity raising by Caesars of about $1.7bn and a new $2bn non-recourse loan, secured on William Hill's non-US assets. It may be the start of a cascade of M&A.
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