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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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Virgin Media started the autumn session in European leveraged finance in style with a five part offering to raise the cash for its joint venture with Telefónica’s O2 unit. The deal underscores how far capital markets have come since the dark days of April, when the £30bn ($38.9bn) mega merger was backed by an investment grade loan to insulate the tie-up from the effects of a prolonged downturn in leveraged credit, reports Owen Sanderson. -
A year on from the closure of its flow equity trading business, Deutsche Bank’s investment bank is back in a bullish mood after performing well during the first stage of the coronavirus crisis.
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KKR-owned vending machine company Selecta was one of the first companies to have its owner inject super-senior ‘priming’ debt once the Covid crisis hit, pushing bondholders down the capital structure. But in its restructuring package laid out on Tuesday, KKR reversed this aggressive move, offering a creditor-friendly proposal that sent the bonds up 11 points.
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Cabot Credit Management has launched a €300m refinancing following the reorganisation of its corporate structure to combine its balance sheet with its parent Encore Capital and boost the group’s financial firepower.
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The European syndicated loan market’s transition from Libor to risk-free rates is gathering pace, with market participants starting to offer a much clearer view on the technicalities that a world without Libor will look like for lending.
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German travel company Tui’s bondholders have agreed to suspend limits on the debt the company can incur, opening the door to a rescue loan from KfW and a convertible bond injection from the German government's economic stability fund.
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