Top stories

• Pension big beasts stomp into PE territory

  

  Pension funds, especially Canadian ones, are increasingly direct participants in the largest leveraged buy-outs. They're appearing not just as members of consortia, but also sometimes alone, as in Ontario Teachers' purchase of Trivium, a spin-out from packaging firm Ardagh.

  • 18 Jul 2019

• City of London closes maiden US PP as green debt

  

  The City of London Corporation will raise £450m ($562m) of debt from its first US private placement deal, surpassing expectations. The debt will be issued under a green and sustainable financing framework.

  • 18 Jul 2019

• Euro investors drive Skin Health buyout loan tighter

  

  Euro investors gave the buyout debt for EQT and Abu Dhabi Investment Authority’s purchase of Nestlé Skin Health a particularly strong reception. Driving pricing through 400bp despite the high leverage on the deal.

  • 18 Jul 2019

• Schuldschein offers home and foreign debutants cheap cash

  

  As its profile grows, the Schuldschein market is attracting a healthy supply of new issuers. Increasingly, these come from abroad, but banks are still finding a good number of German companies to woo to the market for the first time, like DIC Asset this week.

  • 18 Jul 2019

• Bruntwood SciTech signs green real estate loan

  

  The UK’s Bruntwood SciTech has signed a £185m green facility, with the property company planning to use part of the funds to develop specialist scientific workspaces in the north of England.

  • 18 Jul 2019

• GEMS to raise $1.85bn debt package, readies for CVC acquisition

  

  Dubai-headquartered international education provider GEMS Education is seeking a $1.85bn debt package to support CVC Capital Partners taking a minority stake in the company.

  • 18 Jul 2019

• Harmony Gold goes digging for $400m refi

  

  Harmony Gold, a South African gold mining company, is in the market to raise $400m to refinance existing debt. The deal is being led by domestic lenders Absa Bank and Nedbank, according to bankers.

  • 18 Jul 2019

• Salini plans capital raise and facilities for Astaldi buy

  

  Italy’s Salini Impregilo is pushing ahead with plans to buy compatriot troubled construction rival Astaldi after getting the preliminary nod from financiers, with the acquiring company set to raise €600m among a raft of funding agreements.

  • 17 Jul 2019

• Oman's Octal raises $625m for expansion

  

  Oman-based Octal, a leading producer of plastic packaging, has raised loans to the value of $625m from a range of local and international lenders

  • 17 Jul 2019

• Places for People seals €150m private placement

  

  Places for People, the UK housing association and property management company, has raised €150m from a privately placed note led by Goldman Sachs.

  • 16 Jul 2019

• PIF to close $10bn loan in September, tighter than debut

  

  Public Investment Fund (PIF), Saudi's sovereign wealth fund, is expected to close its second ever debt offering in September, according to bankers close to the deal. Some say the bridge loan, which is a reprieve to EM bankers that have been operating in a barren market all year, may receive tighter margins than PIF's competitively-priced debut loan in September 2018.

  • 16 Jul 2019

• Yara the latest to link loan to sustainability

  

  Norway’s Yara has signed a $1.1bn-equivalent revolving credit facility, with the fertiliser company swapping its existing bank debt for a sustainability-linked deal.

  • 16 Jul 2019

• Take-private turbulence holds levfin in the balance

  

  The leveraged loan market in Europe is relying on several high profile take-private trades to rescue volumes and fees for 2019, and give the squeezed CLO market much needed supply. But these deals are vulnerable, and can easily fall apart, as sponsors must navigate an obstacle course of trade buyers, competition authorities, and recalcitrant shareholders.

  • 16 Jul 2019

• Germany’s Badenova sells Schuldschein

  

  German power company Badenova closed a four tranche Schuldschein transaction last week.

  • 16 Jul 2019

• NatWest Markets launches ESG deposit product

  

  NatWest Markets, the investment bank owned by Royal Bank of Scotland, has launched its own environmental, social and governance deposit product, responding to a desire among companies, public bodies and investment firms to invest their cash ethically.

  • 16 Jul 2019

• Acciona nabs €155m from green Schuldschein

  

  Acciona, the Spanish infrastructure and renewable energy company, appealed to investors with its green, triple tranche Schuldschein offering, which closed last week at €155m.

  • 15 Jul 2019

• FCA’s Bailey urges loan market to switch to Sonia

  

  Andrew Bailey, CEO of the UK’s Financial Conduct Authority, said on Monday that progress was needed in the next “year or so” in moving the loan market away from Libor. He added that the consent solicitation undertaken by Associated British Ports to switch an FRN to Sonia was a model for other borrowers.

  • 15 Jul 2019

• Carlyle garners $3.1bn for new private debt fund

  

  The Carlyle Group has raised $3.1bn of investable capital and $2.4bn of equity commitments for its new credit opportunities fund, tapping investors’ interest in private debt to surpass the firm’s target goal.

  • 15 Jul 2019

• Landsvirkjun cuts loan size, adds sustainability clauses

  

  Iceland’s Landsvirkjun has signed a $150m-equivalent revolver, with the state owned energy company the latest borrower to refinance bank debt with a sustainability-linked facility.

  • 15 Jul 2019

• Deutsche Bank stays committed to Schuldschein

  

  Deutsche Bank may devote more resources to its Schuldschein business after its restructuring and cutting of its equities business, a senior banker has said, though it does not plan to hire any extra staff in the area.

  • 15 Jul 2019