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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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High yield issuer Kunming Municipal Urban Construction Investment & Development Co priced its inaugural dollar bond on Monday, raising $300m at a yield that was comparable to some higher rated local government financing vehicles (LGFVs). -
Macquarie Capital has hired UBS banker Vincent Repaci to head a new asset-based lending group to cover sponsor clients, supporting LBOs, refinancings and restructurings. He joins three other recent senior hires in leveraged credit at the firm.
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Covenant erosion and the lack of disclosure worried market participants at Afme’s Annual European High Yield Conference in London on Wednesday. While investors are ever better educated and organised, the hunt for yield is driving them to accept aggressive documentation.
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S&P Global Ratings has downgraded Jain Irrigation Systems to selective default, following a similar move by two domestic rating agencies last week.
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Shanghai Sinooil Energy Holding Hong Kong, a subsidiary of state-owned China Energy Reserve and Chemical Group, has defaulted on a $400m offshore loan.
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China Grand Automotive Services Group Co has launched an offer to exchange two dollar bonds in part, leading to a sell-off in its existing curve in the days following the announcement.
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