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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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Global investment banks should be able to withstand stress in the leveraged finance market, according to a Moody’s report published on Tuesday, thanks to lower pipeline limits and smaller deal sizes than pre-crisis. This was borne out during the fourth quarter of last year, when few banks were caught offside despite a slump in loan prices. -
EG Group, the UK petrol station company owned by TDR Capital, has boosted the size of its dual currency high yield bond issue, adding a new senior secured euro tranche on the back of high demand. But senior bondholders are getting a rough deal from the size increase, which is being partly used to cut their safety cushion by paying off second lien debt.
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Thomas Mathieson has joined Credit Suisse from NatWest Markets, to head up special situations and loan trading.
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Allegro, the Polish e-commerce platform, is raising Z2bn (€470m) in a dividend recapitalisation, according to bankers. The deal, one of the biggest CEE loans in this year’s pipeline, is being led by three local and international lenders, although some market participants said the Polish banks would be capable of providing all the money.
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For all its woes, Deutsche Bank’s corporate finance business has much to play for in EMEA, writes David Rothnie.
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Indonesian property developer Alam Sutera tapped its 6.625% 2022 notes on Tuesday, raising $125m from the trade.
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