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Loans in Brief: September 20, 2019
06:00 PM -
Euribor floors drive arb as Permira launches CLO equity fund
Permira Debt Managers has launched its fifth ‘Sigma’ structured credit fund, looking to buy CLO equity. Senior tranches in CLO vehicles have sharply tightened against Euribor as European rates have plunged deeply negative, but Euribor floors worth up to 50bp are increasingly determining the economics of the CLO business.
05:00 PM -
New euro issuers ready CLOs as secondary turns pricey
European managers are lining up to sell a wave of new CLOs over the next few weeks amid market conditions which have recently soured for issuers seeking leveraged loan collateral.
04:00 PM -
BlueBay launches new combined levfin and structured credit fund
BlueBay has launched a new total return leveraged finance fund, which can buy structured credit and investment grade bonds as well as leveraged loans and high yield.
18 Sep 2019 -
Axiom hires manager for credit derivatives fund
Axiom Alternative Investments has appointed Bedis Gharbi as senior portfolio manager, for a new credit derivatives focussed fund.
16 Sep 2019 -
LSEG spurns HKEX's £32bn takeover bid
London Stock Exchange Group (LSEG) has emphatically rejected the unsolicited £32bn takeover bid by Hong Kong Exchanges and Clearing (HKEG), with LSEG's board suggesting that the deal has profound flaws.
13 Sep 2019 -
HKEX overture fails to move LSE and Refinitiv stakeholders
Several participants familiar with the London Stock Exchange Group's (LSEG) bid to buy Refinitiv are unimpressed by Hong Kong Exchanges and Clearing's (HKEX) £31.6bn bid for the LSEG itself and believe it unlikely to tempt shareholders. Silas Brown and Karoliina Liimatainen report.
12 Sep 2019 -
PGIM, CVC refi CLOs as negative rates persist
The CLO refinancing wave has rolled through to the end of summer, with PGIM and CVC both refinancing deals from 2016 and 2017 respectively, as European markets continue to contend with negative rates.
12 Sep 2019 -
Battersea Power Station secures term loans for third development phase
Battersea Power Station, the former power station on the banks of the Thames in London, has got £600m of additional term loans for the third phase of its redevelopment.
12 Sep 2019 -
Hong Kong exchange gatecrashes LSE-Refinitiv party
Hong Kong Exchanges and Clearing has made an unsolicited £32bn bid for the London Stock Exchange Group, a move that could torpedo the LSE’s acquisition of Refinitiv.
11 Sep 2019
