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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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Warner Music Group issued a dual currency refi on Tuesday and Wednesday, taking advantage of a US Federal Reserve-fuelled market to lock in tighter pricing and a maturity extension. The deal comes hot on the heels of its IPO, planned before the coronavirus pandemic struck but executed only last week. -
MacKay Shields is offering the market minority equity in its new European CLO, in a sign that arbitrage could be improving to a level sufficient to tempt third parties to buy into a deal.
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Canvest Environmental Protection Group Co, a Hong Kong-based waste-to-energy company, has returned to the loan market for a HK$1.97bn ($251.6m) unsecured deal. In an unusual move, the firm will postpone its covenant tests for the first six months. Pan Yue reports.
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Hong Kong-listed oil company Hilong Holding pushed back the exchange deadline for its 2020 bond for the fourth time this week, leaving only a weekend between the exchange deadline and the notes’ maturity on Monday.
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Chinese real estate developer Zhongliang Holdings Group Co took $250m from a sub-one year bond on Wednesday, prioritising size over price for the deal.
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The Covid-19 crisis continues to test the skills of CLO managers, said speakers at this week’s Leveraged Loan and CLO virtual conference hosted by IMN, with a wider dispersion being seen among managers able to quickly react to loan downgrades and surges in triple-C holdings and deal with failures of overcollateralisation (OC) tests.
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