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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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China’s Minth Group, an auto parts company, has closed its debut loan at a bigger size of $200m. -
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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BNP Paribas has announced Harvest CLO XXV for Investcorp Credit Management, the second post-Covid CLO issue for the manager. Though its 45% ramping is lower than usual for a new CLO, this allowed the manager to build the portfolio from August, in full knowledge of second quarter figures for the underlying companies.
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Debt purchasing firms are repeatedly hitting the high yield market to prepare their capital structures for the likely wave of portfolio sales as pandemic support schemes roll off, with France’s iQera the latest in the market. But some companies in the sector are in no position to refinance, such as Lowell which is effectively shut out of the market with its own credit concerns, raising questions about whether these companies can compete for post-Covid loan sales.
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