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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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US CLO managers are working through a backlog of warehouses opened before the Covid-19 pandemic by splitting the facilities in half to buy back some equity and issue new deals. While in Europe, managers are tweaking deal documentation in preparation for new transactions.
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Casino developer Wynn Macau has made a rapid return to the bond market for an $850m deal, riding on an uplift in sentiment following the slow easing of travel restrictions to the Asian gambling hub.
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Standard & Poor’s expects the European default rate to climb to the highest level seen since the fallout from the last financial crisis.
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European CLO secondary trading activity has surpassed 2019’s full-year volumes, following a spurt of CLO tranche trading when spreads widened out in March.
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The sharp rise in corporate fallen angels this year has not led to sharp yield rises for the effected companies, leaving people on the front lines of European corporate capital markets scratching their heads to try and work out why.
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Paul, Weiss, Rifkind, Wharton & Garrison has hired Charles Pesant as partner in the securitization practice group and in the corporate department in New York.
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