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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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Swedish alarm firm Verisure underlined improved leveraged finance conditions when it returned to market for a refinancing. The company was the first European high yield issuer out after the coronavirus crisis, with a tentative floating rate note in April, but its latest refi proved to be a blowout, with a huge size increase and pricing through talk.
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Bitė, a mobile, broadband and pay-TV firm in the Baltic region, and a portfolio company of Providence Private Equity, priced a dividend recap and refinancing of its whole capital structure this week, funded by a dual-tranche high-yield bond offering. This marks the company’s return to bond markets after nearly five years of financing through loans.
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Axiom Alternative Investments has launched a new long/short global high yield fund, following the hire of Gilles Frisch as a portfolio manager last year, targeting the opportunities that will come through at the end of this credit cycle. -
The European Leveraged Finance Association has called for better transparency in high yield covenant packages, arguing that clarity is crucial for pricing risk. The call comes shortly after one of the largest covenant climb-downs in recent market history, when lead banks on ThyssenKrupp Elevator stripped many of the most controversial terms from the €8bn financing.
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Philippine issuers are flooding the market with dollar bonds, giving investors an unprecedented selection of deals from the country. There is plenty more to come. Morgan Davis reports.
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Studio City Finance restructured its debt portfolio with a $1bn bond sale on Wednesday.
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