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EM LatAm

Chilean car seller set for Chapter 11 after missing coupon

Automotores Gildemeister, the distributor of Hyundai cars in Chile and other South American countries, is set to file for bankruptcy with the support of its bondholders after missing a coupon payment on its $510m senior secured 7.5% 2025s on April 1. The process is set to reduce the company’s debt by $200m, said the issuer

Oliver West, April 06, 2021
People and Markets

Morgan Lewis grows structured finance team with two partners

Morgan Lewis has added Steven Becker and Alex Velinsky to its structured transactions team, bolstering a practice the firm has been growing recently. Both partners join from Hunton Andrews Kurth.

Jennifer Kang, April 05, 2021
CLOs

New issue CLOs decline but refis and resets flourish

New issue CLO supply declined slightly in March, though reset and refinancing activity continues to boom, with managers taking advantage of tight spreads.

Paola Aurisicchio, April 05, 2021
ABS

Travel crisis kicks off consolidations in aviation

Investors are expecting the wave of consolidations in the aviation sector to continue beyond the GECAS-AerCap merger as smaller lessors look for ways to survive and bigger players seek for investment opportunities. The most recent example is Carlyle Aviation’s acquisition of Fly Leasing, another deal that highlights the monumental changes occurring within the aircraft sector in the midst of Covid-19.

Jennifer Kang, April 01, 2021
CEE

MTS enters into Russian ESG bond market to ballooning investor demand

Mobile TeleSystems, Russia’s largest mobile operator, has sold a social bond in roubles, as it became the latest major Russian corporate to foray into ESG financing. The issuer has not ruled out a return to international markets, although in recent years it has pivoted towards domestic funding.

Mariam Meskin, April 01, 2021
CLOs

Ares resets and increases its $1.19bn CLO

Ares Management has increased the size of one of its largest CLOs still further, resetting a $1.1bn transaction originally priced in 2017 and taking the opportunity to crank the deal up to a par value of $1.9bn.

Paola Aurisicchio, April 01, 2021
SRI

Fossil IPOs have been shockers, green equities only scratch the surface

The equity markets have ploughed nine times more capital into fossil fuels than green energy in the past decade, and lost $120bn as a result. The tide is turning, but the amounts going into clean power are still pitifully small compared with the needs, according to research by Carbon Tracker this week.

Jon Hay, April 01, 2021
Equity IPOs

Digesting Deliveroo: timing the likeliest cause of first day woes

The equity market — and beyond — has been puzzling over how Deliveroo, one of the most anticipated IPOs of the year, could have suffered so badly in trading on its first day on Wednesday. Some blamed ESG concerns about the working conditions of the firm's delivery riders, others the dual class-share structure but the simplest explanation was that Deliveroo came at the wrong end of an IPO market that was losing steam.

Sam Kerr, April 01, 2021
Securitization People and Markets

Arc Ratings hires new head of structured finance

Arc Ratings has appointed Stefan Augustin as co-head of structured finance of ARC Ratings, heading up the firm’s European business.

Tom Brown, April 01, 2021
Sovereigns

France returns to lockdown, but OAT buyers shrug

French president Emmanuel Macron announced on Wednesday that stringent lockdown measures imposed in some areas will be extended nationally for a month. Though the measures will cost France €11bn, it is unlikely to provoke a serious response in France’s bond market.

Lewis McLellan, April 01, 2021
ABBs-Block Trades

Marc Coucke trims Mithra Pharmaceuticals stake

Alychlo, the family investment company of Belgian billionaire Marc Coucke, has reduced its stake in Mithra Pharmaceuticals through a €40m accelerated bookbuild on Wednesday evening.

Aidan Gregory, April 01, 2021
Private debt

Danish Agro closes Schuldschein

The Danish cooperative farming company has sold €125m of Schuldschein, the largest placement in its three visits to the market.

Silas Brown, April 01, 2021

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