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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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Apollo Global Management subsidiary Redding Ridge priced a $447m CLO at the end of last week with a shortened reinvestment period, the second manager to reenter the market in less than a week, following nearly a full month of zero new issuance. -
US CLO managers avoided “par burn” in March, but a handful of firms stood out in navigating the volatility, according JP Morgan.
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The Federal Reserve on Thursday announced that the Term Asset Backed Lending Facility (TALF) will be expanded to include triple-A rated CMBS and CLO paper as eligible collateral, part of another sweeping set of relief measures to support the economy as damage from the virus pandemic mounts.
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Official financial lifelines to keep UK companies alive through the coronavirus pandemic are already having a tangible effect. Shares in Redrow, the UK housebuilder, rose 7.5% on Thursday morning after it announced it had been approved to borrow up to £300m from the Bank of England’s commercial paper facility for investment grade companies.
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Royal Bank of Scotland is pushing ahead with job cuts in its investment banking division, bucking a trend by big banks to delay restructuring plans and cost-cutting during the coronavirus crisis.
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The International Private Equity and Venture Capital Valuation Guidelines (Ipev) body has warned funds to take special care over quarter-end reporting and valuation of portfolios, so that marks for sponsor-owned companies reflect as well as they can the devastation of the coronavrius pandemic, rather than the benign conditions prevailing at the start of the year.
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