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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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Non-bank lenders achieving the ‘simple, transparent and standardised’ (STS) designation on their securitizations since the regulatory framework came into being at the start of the year have come mainly from the car industry. They and other alternative lending institutions are having a tough time with the new rules, despite the success of recent deals, writes Tom Brown. -
The auction to determine the credit default swap payouts over the safeguard proceedings of Rallye was held on Thursday, and gave protection buyers an 87.5% payout. The supermarket holding company’s bonds had slid roughly five points in the week before, to trade at around 15 ahead of the auction, but settlement interest was all on one side, pushing the final price to 12.5.
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Hexion, an Ohio-based speciality chemicals company, has raised $1.65bn in financing across loans and bonds, giving it a new capital structure and allowing it to repay its debtor-in-possession loan as it emerges from Chapter 11 protection. Dollar investors proved stronger supporters than euro buyers for the firm, as it cut down the planned euro tranche.
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Gansu Provincial Highway Aviation Tourism Investment Group Co priced a $300m bond that was over eight times covered at its peak, in yet another busy week for issuance from Chinese local government financing vehicles (LGFVs).
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China’s tighter grip on offshore bonds from local government financing vehicles (LGFVs) has given a short-term boost to issuance volume in the past few weeks. But although the deal flow from the sector is set to slow down, concerns over LGFV risks are far from over.
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Leveraged credit investor group the European Leveraged Finance Alliance, which started this year supported by the Association for Financial Markets in Europe, has parted ways from the larger organisation, following a six month trial period.
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