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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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Deutsche Bank is relying on a tight team of loyalists to revive its corporate finance ambitions, writes David Rothnie. -
JP Morgan changes line-up for energy and utilities, multi-nationals, UK ECM and UK M&A — UniCredit swaps out CEE investment bank head — Pigasse exits Lazard
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Moody’s downgraded the corporate rating of overleveraged French supermarket group Casino Guichard-Perrachon during a crucial refinancing. The group is already offering a generous spread on its new term loan, which it has to execute in order to unlock up to €2bn of revolving bank debt.
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Vietnamese companies are increasingly turning to the offshore loan market, providing bankers with relief amid a wider slowdown in Asia. Pan Yue reports.
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Chinese state-owned commodity chemicals producer Shanghai Huayi (Group) Co has sold an almost 10 times covered five year bond, while Yuzhou Properties Co raised $500m to fund a tender offer. Two local government financing vehicles also made their offshore debuts.
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Bain Capital-backed market research business Kantar showed this week that investors still have some bite in the high yield market. Buyers forced the issuer to flex numerous covenants, tinker with the tranches, delay the issue and consent to unusually juicy coupons. The deal may not be a sign of things to come, however, as Crown waltzed through its bond launch, setting a new low coupon record for a fixed rate bond.
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