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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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Schuldschein arranging banks have long claimed to be the market's gatekeepers as far as borrowers looking for access are concerned, rejecting lower quality credits to keep the standard high. As the market expanded in recent years and a richer variety of companies borrowed from it, this became a less convincing claim. But as the coronavirus pandemic rocks Europe, Schuldschein bankers say they have declined several requests from companies from risky sectors. -
Hong Kong Broadband Network is enticing banks to a HK$5bn ($645m) loan by offering them a juicier margin than previously.
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Singapore’s Farrer Park Co has become the latest company from Asia to tap the green loan market, raising a S$200m ($147m) facility from United Overseas Bank.
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Swissport has been by far the most sold asset in European CLO portfolios since March, with €384m out of a €900m facility traded, according to trustee reports and Bank of America research. Managers exited the loan at an average price of 74. In an agreement reached two weeks ago, all secured debt will convert to equity, with unsecured debt extinguished.
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First Eagle Alternative Credit priced the first CLO with a five year reinvestment period since the pandemic, breaking a streak of managers opting for deals with reinvestment windows of one to three years.
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Investcorp has hired David Moffitt, former head of CLOs at hedge fund LibreMax, as co-head of its US credit management business.
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