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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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  • Burford Capital, the litigation funder, is under pressure over how it accounts for an obscure type of asset and how it finances its business using debt. In many respects it is a unique case, but it is a debacle fuelled by quantitative easing. With more of that on the way, pushing investors into ever more esoteric asset classes in the quest for yield, there will be plenty more businesses under scrutiny.
  • CLO managers are still able to refinance deals in the European market, but analysts said such deals will soon be replaced by a raft of new issuance. The buy-side is also diversifying as investors flee negative yield rates in other market sectors.
  • MGM China has raised a HK$9.75bn ($1bn) unsecured revolving credit facility with a group of 13 lenders to repay its old secured borrowings.
  • Volatility has hurt secondary spreads and primary deal flow in the Asian bond market but really it is no bad thing. A quiet month is just what the market needs after an overwhelming amount of supply so far this year.
  • Swissport, the world’s largest provider of cargo and airport ground services, increased the loan portion of its debt raise at the expense of bonds as investors demanded steep yields in a volatile market.
  • Thomas Cook's shares and bonds fell on Monday after the company disclosed that it is in talks to raise £150m of capital from its creditors and largest shareholder to keep trading over the winter period.
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