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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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UK discount clothing retailer Matalan said this week that it hoped to take advantage of the government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS) — but that the extra £50m available under the programme will have to be senior to its public bonds, requiring bondholder consent. -
The Schuldschein market is expected to reopen in a matter of days, but arrangers will face a changed market and will have to adapt to the new corporate lending landscape created by the coronavirus pandemic.
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In contrast to what analysts had expected before its first quarter results, Deutsche Bank reckons its investment bank will outperform last year’s revenue figures in 2020. However, its fixed income and currencies sales and trading business did not match peers’ revenue growth in the first quarter.
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Norwegian Air Shuttle has revised the terms of its restructuring pitch to bondholders, cutting the size of the writedown it is asking them to take and making sure they get the benefit of the security over landing slots they were granted last year.
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Managers returning to the CLO market at the end of April saw their deals clear at the tightest levels of the month, greeted by investors ready to resume putting cash to work.
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Spanish gaming company Codere will miss a coupon payment due on Thursday, hoping that the 30 day grace period in its bond documents will give it time to find at least €100m of emergency financing to get it through the liquidity crunch.
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