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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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BMW has raised €200m from a single investor in the Schuldschein market, according to several market sources. Arrangers are talking with Schuldschein investors to gauge appetite for German auto manufacturers as the Covid-19 pandemic wreaks havoc on corporate earnings. -
Italian-American car company Fiat Chrysler Automobiles has signed a €3.5bn bridging facility, as the company becomes the latest to secure bank funding while it waits for calmer times in the capital markets.
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Taiwanese banks have triggered a market disruption clause on a recent loan signed by Indonesian company BFI Finance. The move, which allows lenders to increase the margins they earn on deals, is being considered for numerous other transactions too, GlobalCapital Asia understands.
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Property developer Soho China is in talks with banks for a bridge loan to support its potential take-private deal by private equity firm Blackstone, according to sources close to the situation.
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European triple-A rated CLO spreads have blown out further and faster than other securitized products, and further than may be justified by the collapse in leveraged loan prices. That may mean more of these bonds have found their way to leveraged investors than market studies assumed.
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Rating agencies are starting to feed through the impact of coronavirus into their ratings, starting a wave of downgrades which could push several large issuers out of investment grade territory, where they are eligible for central bank backing, into high yield, where no such support exists.
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