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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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From Italian government bonds to fallen angels, nothing is junk unless the European Central Bank says so. -
Marks & Spencer, the UK retailer, has negotiated with its lenders to relax the covenant testing on its £1.1bn revolving credit facility, as it tries to mitigate the effects of a pandemic that has sent its ratings crashing into junk territory.
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The European CLO primary market is back in business, with new deals priced on Monday from Permira Debt Managers and Redding Ridge Asset Management. But the market backdrop looks very different, with new issues shorter, less levered, and much more expensive than the last pre-virus trades.
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The Financial Conduct Authority has written to UK banks warning them against pressuring clients for mandates on Covid-19 equity capital raises using their lending relationship as justification.
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UBS generated almost as much profit before tax from its global banking and markets operations in the first quarter as it did across all of last year, it revealed on Tuesday. This was despite taking credit losses and marking down exposures. The bank benefitted from a good turnout in FX and rates and its heavy involvement in a shrunken M&A fee pool.
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US CLO managers are navigating the wave of negative outlooks and headlines to bring new deals, with the primary market in April dominated by static transactions and CLOs with shorter reinvestment periods.
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