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◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
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
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Chinese oil and gas company MIE Holdings Corp has missed interest payment on a dollar bond during the grace period, triggering cross-defaults on its loan facilities. The firm has been hit hard by tumbling oil prices this year, putting pressure on its liquidity. -
The percentage of triple-C rated loans held in CLOs has tripled to 12% in the past three months, leading 21% of outstanding deals to fail at least one overcollateralisation test, according to Bank of America.
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Rubis Terminal looks set to make the first European high yield debut since the coronavirus crisis hit, announcing a new €410m issue to fund a minority investment by I Squared Capital. Business has boomed at the company, which operates bulk liquid storage, thanks to the collapsing oil price.
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With leveraged companies largely shut out of central bank bond buying and price support schemes, sponsors are mulling government-backed lending schemes in several European countries, as they seek to show other creditors that they have abundant access to liquidity. But the schemes often come with strings attached, which could do nearly as much damage to a sponsor's investment thesis as a restructuring.
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Indofood CBP Sukses Makmur has sent out a request for proposals for a loan to back its acquisition of instant noodle maker Pinehill Company.
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The US CLO arm of Swiss private equity firm Partners Group navigated the volatility in leveraged loans this week to price a $301m “print and sprint” CLO.
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