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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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Citigroup has picked Miguel Gabian to be head of its Spain and Portugal markets franchises.
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Inovyn, an Ineos entity, is marketing an increase, extension and alteration to €1.064bn of term loans, pushing out maturities from 2025 to 2027 and adding another €250m to its debt stack. But the Ba3/BB- rated borrower is not seeking any margin cut. The 200bp spread is already at the effective floor for European leveraged loans. -
A Dubai World subsidiary has agreed to buy port operator DP World for $13.9bn. The lending desks at Citigroup and Deutsche Bank will be big winners from the debt-fuelled transaction.
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Although European CLOs have a standard limit on the proportion of covenant-lite loans they buy, the definition of ‘cov-lite’ means that almost every term loan with a revolving credit facility elsewhere in the capital structure remains eligible for purchase by these vehicles.
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Property company Eisa Holding has returned to the loan market for a refinancing deal through bookrunner First Commercial Bank.
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A number of Chinese borrowers are navigating a slowdown in offshore bond issuance approvals from the regulator by selling sub-one year deals to capture the momentum in the dollar debt market.
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