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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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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. -
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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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.
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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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