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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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UBS has appointed Sarah Mackey as head of leveraged finance for Europe, the Middle East and Africa. -
Low & Bonar has asked its lenders to waive covenant testing on its credit facility, as the UK polymers company battles through a tough trading period and tries to ensure its acquisition by a German rival goes ahead.
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A clutch of traders and sales bankers are joining Mizuho International within fixed income, focusing on high yield, investment grade, securitization and SSA.
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Rates trading desks are seeking owners of triple-A European CLO tranches, because of the value of the embedded Euribor floors, which convert negative Euribor prints to 0%. These can be stripped out and sold to the market, monetising a feature of the bonds that has become sharply more valuable as euro interest rates have plunged this summer.
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Sri Rejeki Isman (Sritex) sold an opportunistic $225m bond on Wednesday, becoming the first high yield Indonesian issuer in five months. The company offered investors a juicy premium, which was necessary to appease buyers burnt by turmoil around fellow textile company Duniatex.
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Health and Happiness International Holdings and Shui On Land have both made swift returns to the loan market for tightly priced deals.
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