Payment in kind notes and preference shares will likely play an increased role in new leveraged buyout structures, as sponsors seek to bridge the gap to ever more stretched equity valuations against a backdrop of depressed earnings.
Banks may be using their lending relationships with companies to press them into granting bond mandates, the International Organisation of Securities Commissions has warned.
India’s Power Finance Corp has mandated two banks for a $200m loan, and bankers expect the firm's government ownership will draw a strong response in syndication.
Barings is partnering up with Mubadala, the Abu Dhabi sovereign wealth fund, to provide $3.5bn of direct lending to mid-market companies in Europe.
Goldman Sachs has given new titles to leaders in its credit finance, investment grade capital markets and equity capital markets businesses.
JP Morgan and Morgan Stanley’s positions at the top of the UK corporate broking rankings have undoubtedly helped their equity capital markets businesses, but Goldman Sachs stands out for its disruptive approach, writes David Rothnie.
The standard maturity for European investment grade corporate loans has been reduced from five years to three in the wake of the coronavirus crisis, and senior lenders say they are eager to try and maintain the new shorter maturity.
GlobalCapital Asia is pleased to invite pitches for our annual capital markets and investment banking awards, which recognise the most impressive transactions and investment banks of 2020.
Payment in kind notes and preference shares will likely play an increased role in new leveraged buyout structures, as sponsors seek to bridge the gap to ever more stretched equity valuations against a backdrop of depressed earnings.
Banks may be using their lending relationships with companies to press them into granting bond mandates, the International Organisation of Securities Commissions has warned. This follows the UK Financial Conduct Authority's remarks about similar pressure for equity mandates in April.
Gabriel Grego, managing partner and chief investment officer at Quintessential Capital, is known among investors for his devastating critiques of fraudulent companies. A former paratrooper in the Israeli Defence Force, Grego is on what he sees as a moral crusade to sniff out corporate corruption. He is adamant, he tells GlobalCapital, that activist short selling is a force for good in financial markets — and society as a whole.
India’s Power Finance Corp has mandated two banks for a $200m loan, and bankers expect the firm's government ownership will draw a strong response in syndication.
Barings is partnering up with Mubadala, the Abu Dhabi sovereign wealth fund, to provide $3.5bn of direct lending to mid-market companies in Europe.
Goldman Sachs has given new titles to leaders in its credit finance, investment grade capital markets and equity capital markets businesses.
Bain Capital has hired a new global head of ESG with extensive experience of oil and gas investments.
The Loan Market Association is about to start testing automated loan documentation. The trade body plans to roll out the new platform by January 2021.
India’s Glenmark Pharmaceuticals has returned to the loan market after an absence of more than 10 years. It is seeking a $175m deal.
Taiwan’s Chailease International Finance Corp has launched its fifth loan of the year to the market. It is eyeing up to $100m through its Thailand subsidiary.
Commodities company Mercuria has returned for its annual borrowing of $980m. This time, it is enticing banks with a 10bp Covid-19 premium on the loan margin and fees.
Formosa Plastics Corp is preparing to set a new pricing benchmark with its planned $2bn loan, which bankers reckon could set a record low for a borrower from Taiwan. If the company succeeds, this could set a dangerous precedent for the long-term health of Asia’s loan syndication market.
Goldman Sachs has named new global M&A bosses, with the incumbents moving to become chairs of the business.
German hospital operator Asklepios Kliniken launched a Schuldschein on Monday with an initial target of €200m. Investors have doubled down on their interest in pharmaceutical firms this year and throughout the pandemic, prompting a substantial increase in the market’s exposure to the sector.
Canny loans bankers have devised a social revolving credit facility structure that links a portion of a borrower’s debt directly to Covid-19 era relief spending. It’s a structure that won’t take the markets by storm on what is likely the eve of global recession but ESG-minded investors should still push hard for the companies they own to consider this new type of funding.
Goldman gives new positions to Marsh, Verri and Sorrell — Bain picks ESG boss — Falth turns up at Mizuho
Sovereign wealth funds from Abu Dhabi and Qatar have started to take ownership positions in new direct lending platforms in Europe and the US. But as Western economies plough into a deep recession, while rival investors still sit on barrels of dry powder, the wealth funds' decision to push into middle market credit now is surprising.
India’s Glenmark Pharmaceuticals has returned to the loan market after an absence of more than 10 years. It is seeking a $175m deal.
Having issued the first sustainability-linked bond in September 2019, Enel, the Italian power and gas company, has gone further, by setting up a commercial paper programme that will fall away if it fails to hit a sustainability target.
Fannie Mae’s and Freddie Mac’s drive to buy floating rate loans that reference the secured overnight financing rate (Sofr) is charging a nascent market in interest rate caps that reference the Libor replacement.
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