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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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Unlike in 2016, investment grade bond buyers reaching for yield after the European Central Bank started buying eurozone corporate bonds have been heading first for longer-dated investment grade and subordinated bonds, rather than dipping down into high yield territory. -
A slump in revenue growth during an economic downturn could trigger a change in investors’ risk appetite and a “widespread” sell-off of corporate bonds, the Organisation for Economic Cooperation and Development warned on Thursday.
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Alabama-based Medical Properties Trust is marketing a dual tranche, split-rated sterling bond, to pay back loans drawn to buy nine UK private hospitals this year. The company’s marketing materials highlighted that the UK’s National Health Service had doubled its spending in the private sector since 2009, but the opposition Labour Party has committed to end this outsourcing if it returns to power in December’s election.
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Credit fund money is flooding into UK companies, despite a shaky economy and prolonged uncertainty surrounding the country’s exit from the EU. Less popular markets such as the Nordics present expansion opportunities, but the UK has consistently been the top location for private debt deals.
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Taiwanese electronic component company Yageo Corp has received a chunky $1.1bn bridge loan to support its acquisition of Kemet Corp, a US-based company in the same industry.
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US middle market debt specialist and CLO manager Monroe Capital has hired four staffers to its private credit team in New York and Chicago.
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