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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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Investors see the rapid wave of downgrades in response to the coronavirus crisis as evidence that rating agencies are “doing their jobs”, compared to their responses during the 2008 financial crisis. -
The UK government has moved to bridge the gap between its two financial support schemes for businesses hampered by the coronavirus: one aimed at investment grade firms and one for small companies with revenue less than £45m.
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Investment banking revenue in March was lower than normal as the coronavirus pandemic sapped risk appetite — but it was far from a total wipeout.
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Moody’s has taken negative action on over 200 leveraged loan issuers held in CLOs since the beginning of March, according to a report from the rating agency this week.
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Daimler has signed a €12bn one year loan with four banks, to strengthen its cash position for the pandemic’s stormier days. It joins a host of borrowers agreeing new credit lines with relationship banks, rather than drawing down existing facilities. Bankers say the borrowers hope to enter the bond markets down the line.
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Dollar high yield and convertible bond buyers dived straight into the riskiest possible end of the market on Wednesday, snapping up rescue issues for cruise operator Carnival Corporation, a firm at the centre of the coronavirus storm. Carnival pledged nearly all its ships to back bondholders’ investments, while convert investors spied a chance to double their money — if the cruise industry can bounce back. Aidan Gregory, Jon Hay, Sam Kerr and Owen Sanderson report.
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