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LevFin High Yield Bonds

Drahi boosts Altice offer, adds yet more debt

Patrick Drahi has raised his offer to take Altice Europe private, responding to legal challenges by hedge funds including Lucerne Capital Management. The revised bid increases the company’s valuation by almost €1bn, and translates to paying minority shareholders an extra €700m — meaning yet more debt piled on one of Europe’s largest levfin issuers, which has more than €30bn outstanding already.

Owen Sanderson, December 16, 2020
FIG People and Markets

Eurozone banks handed stringent guidelines to resume dividends

The European Central Bank told eurozone banks this week that they are free to restart dividend payments and share buybacks in 2021, so long as they comply with a number of stringent guidelines.

Frank Jackman, December 16, 2020
Investment Grade Loans

Sonae pushes for women in management with loan refi

Sonae, the Portuguese conglomerate, has raised €150m with debt linked to it putting women in senior positions.

Mike Turner, December 16, 2020
Equity

Sovcombank CEO sees bright future for bank and Russia

Sovcombank, one of Russia’s largest private banks, is making strides in its push to reshape Russia’s financial services marketplace. Dmitry Gusev, its chief executive, talks to GlobalCapital about the bank and its plans for 2021, ahead of a possible IPO.

Sam Kerr, December 16, 2020
CEE

Hungary to focus on local debt issuance in 2021

Hungary has no plans to issue wholesale bonds in foreign currency markets next year, having raised more debt than expected in euros and yen in 2020.

Tyler Davies, December 16, 2020
LevFin High Yield Bonds

Travelodge raises pricey private tranche

Travelodge privately placed £65m of 9% four year bonds at 96, according to a statement from the issuer, following Lowell’s similar decision to tap into a firm market ahead of year-end. Shareholders Avenue Capital and GoldenTree are experienced distressed investors, actively seeking other companies wanting to raise cash at double-digit yields, but have opted for third-party money this time.

Owen Sanderson, December 16, 2020
SSA People and Markets

Calls build for ECB debt cancellation

Politicians across Europe are interested in the idea of the European Central Bank writing off the government bonds it holds, but this looks tricky and potentially not so useful after all.

Burhan Khadbai, December 16, 2020
Supras and agencies

ESM and EFSF set out 2021 funding programme

The European Stability Mechanism and the European Financial Stability Facility have released their funding outlooks for next year, with both issuers set to borrow €3bn less than in 2020.

Burhan Khadbai, December 16, 2020
Asia

Blackstone-backed Embassy Reit builds $500m share sale

Embassy Office Parks Real Estate Investment Trust has has raised Rp36.84bn ($500.9m) from an issue of new stock, according to a source close to the deal.

Jonathan Breen, December 16, 2020
People News

Kimpel's rocket lands at Citi

Citi has hired Peter Kimpel as head of banking, capital markets and advisory (BCMA) for Germany and Austria. He joins from Barclays and was also previously chief financial officer at Rocket Internet.

Jasper Cox, December 16, 2020
Asia

Kerry Express delivers top price for Thai IPO

Kerry Express, a Thailand-based delivery company, has raised Bt8.4bn ($279.5m) after sealing its IPO at the top of the marketed range.

Jonathan Breen, December 16, 2020
Asia

Shandong Ruyi’s dollar bonds plummet on onshore defaults

Shandong Ruyi Technology Group Co’s dollar bonds fell to a new low this week after it defaulted on two onshore trades, adding to a spate of missed payments from Chinese companies recently.

Morgan Davis, December 16, 2020

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