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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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Credit Suisse has started general syndication of more than $5bn of debt funding EQT and Digital Colony’s acquisition of Zayo, one of last year’s largest LBOs. The dollar market will take the lion’s share of the acquisition loan, with $4.235bn of first lien on offer, but even the euro tranche is substantial, at $825m-equivalent. -
European high yield is still moving fast ahead of next week’s SEC deadline, which will see earnings numbers for the third quarter 2019 go ‘stale’ and force issuers to market deals on their Q4 figures. Monday brought three more mandates for more than €2bn in total, on top of a roadshow already announced for Fedrigoni.
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The first ever refinancing of a CLO via an applicable margin reset (AMR) auction was a success this week, with BNP Paribas among the winning bidders, trading 73% of the total CLO, according to sources familiar with the matter.
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The Gabonese Republic pulled in more than $3bn of demand on Thursday for a $1bn 10 year bond that some observers saw as having been priced flat to its curve.
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New dynamics are appearing in the sustainability-linked loan market, as the product balloons and banks prepare for more intense scrutiny of their green lending activities. The trends highlight how unformed and confusing this young market still is, writes Jon Hay.
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Together Money has refinanced its 2021 high yield bond with a new issue, taking advantage of strong conditions and a dearth of sterling supply to take more cash off the table and pay down its revolver too.
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