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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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Chinese conglomerate HNA Group has missed yet another payment, this time of $750m, on a loan it raised in 2016 to acquire Ingram Micro, a US information technology and products distributor. -
May opened up with another round of negative ratings actions for CLOs, with junior tranches coming under pressure as the number of leveraged loan downgrades climbs.
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As Western societies begin to contemplate life returning to some semblance of normality, the financial industry is working out how best to balance the understandable desire to get back to how things were before the crisis with the very real threat of a new and more deadly wave of coronavirus brought on by a mass-return to offices. GlobalCapital’s Silas Brown spoke with Peter Openshaw, a specialist in immunology and virology and professor of experimental medicine at Imperial College, about the transmission of Covid-19 and how banks, investors and companies can reduce the risk of infection.
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Hertz, Avis and Europcar are all facing the same problem. Nobody is travelling, and so nobody is renting cars. Vast airport car parks full of ready-to-go rental cars stand idle, and cash flows at all three companies have stopped almost dead. But they have fared very differently — from near-bankruptcy to leaning hard on government.
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Alecta, a Swedish pension fund manager, has announced it will be working alongside Dutch healthcare pension fund PGGM in the risk transfer market, taking 30% of deals PGGM invests in.
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Nokia has launched a €1bn dual-tranche issue and a tender offer for a bond maturing next year, sucking up a higher funding cost to push out its term structure. Leads started wide but cranked the bonds in, with a 60bp move from initial price thoughts (IPTs) on the back of nearly €6bn of demand. Despite the swathe of downgrades hitting crossover issuers since the coronavirus crisis broke, the Finnish tech company is still planning to regain its investment-grade status in the next years.
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