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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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Moody’s, S&P Global Ratings and Fitch Ratings have placed more than 1,000 US and European CLO tranches on negative watch or outlook, as new data arrived from trustees.. -
Deutsche Bank has set up an inter-disciplinary sustainable finance team in its capital markets group, aiming to be “viewed as [a] market leader on this important subject”, as it senses that clients, including big oil and gas companies, are having increasingly to consider environmental and social issues to access the capital markets.
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Credit Suisse Asset Management’s Credit Investments Group raised a $200m fund that will invest mostly in the equity tranches of CLOs, according to people familiar with the matter.
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Companies in the US high yield market have started adding a "corona claw" provision to bond documents, allowing a big chunk of new bond issues to be paid back early if the company gets cash from the federal government. But it’s not clear yet where any public money will fit in the capital structure of leveraged corporates — and whether bondholders could end up primed by the government.
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The UK government has been consulting on ways to use CLO and other securitization structures to direct funding to large companies that fell between the cracks of its existing emergency supports for SMEs and the Bank of England’s investment grade commercial paper scheme.
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The UK’s DFS Furniture is in talks with its lending group for an additional credit facility of up to £70m to sit alongside the sofa seller’s main bank line, as companies continue to lean heavily on their lenders to get them through the worst of the coronavirus pandemic.
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