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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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Issuance in Europe’s high grade corporate market trended towards high beta names this week, with a spate of deals from riskier names, including the first outing for German fallen angel ZF Freidrichshafen since its downgrade. -
Wartchow heads to Pemberton — Barclays names permanent equities heads — Bonilla joins Kartesia
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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.
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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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