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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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Spreads on mezzanine tranches of US CLOs widened over the past week, as the Covid-19 outbreak drove a sell-off in broader markets. -
ICG, the asset manager, has hired Rob Faulkner as managing director responsible for European CLOs.
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Troubled Italian ferry company Moby has said that the restructuring proposals it had received from bondholders so far were ‘incompatible with the applicable laws’, ‘incompatible with existing operational contracts’ and ‘excessively penalising creditors outside the ad hoc group’.
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Indonesia’s Buana Finance has returned to the offshore loan market after five years, seeking a $73m loan.
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Asian debt borrowers were able to skirt market volatility for much of last week, selling more than $9bn of bonds. But the market slump hit Asia hard as the week drew to a close and the jitters continued on Monday morning.
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The only high yield bond deal being actively marketed in euros this week has been postponed. The deal was for Fugro, the Dutch company that provides geographical data and asset integrity services to onshore and offshore industries. It was a debut issue for a listed company with no sponsor involved, so there had been good interest, but market conditions just proved too difficult.
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