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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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Volvo Car, the Swedish manufacturer owned by China’s Geely Holding, sold a debut green bond this week, days after saying its freshly published green finance framework would help it transform into an electric car maker. -
China Evergrande Group’s dollar bonds rebounded on Monday morning after tumbling late last week. But the poor performance of the company’s bonds appears to have spread to outstanding notes from other Chinese property companies.
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China’s Minth Group, an auto parts company, has closed its debut loan at a bigger size of $200m.
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Market stress and a jump in loan defaults as a result of the pandemic is causing a resurgence of a deal feature meant to protect CLO vehicles from shouldering an additional tax burden during the workout process of a soured loan.
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Sovereign wealth funds from Abu Dhabi and Qatar have started to take ownership positions in new direct lending platforms in Europe and the US. But as Western economies plough into a deep recession, while rival investors still sit on barrels of dry powder, the wealth funds' decision to push into middle market credit now is surprising.
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Spanish telecoms group MasMovil has finished taking out its acquisition debt for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan, allocated in July, with the bond portion offered this week following shareholder acceptance of the offer. Flexible documents prompted some criticism but the company’s strong growth story saw the bonds clear at the tight end of talk.
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