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Despite the allure of lower loan prices, CLO managers should print deals cautiously
Software loan sell-offs and the Iran war have caused US and European loans to price differently
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
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Former Goldman Sachs partner Tim Flynn co-founded credit fund manager Hayfin in 2009, with the global financial crisis of 2007-08 already in the rear view mirror. Having steered his firm through the European alternative credit market's first major test, he talked to GlobalCapital about how funds are managing their way through the Covid-19 crisis and whether their performance will attract more investors into the asset class.
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Following a shortened holiday week, the pace in leveraged credit is quickly picking up with a variety of companies announcing new loan and bond deals, from refis to acquisition financing, and M&A still running hot.
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Atresmedia has signed a €250m sustainability-linked loan, becoming the first Spanish media company to do so.
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Blackstone, Carlyle and Hellman & Friedman announced over the weekend that they would be taking a stake in healthcare supplies firm Medline at an enterprise value of $34bn, making it one of the largest leveraged buyouts in history. The scale of the deal underlines the extent of private equity dry powder, and signals that leveraged finance investors can expect more new money supply ahead.
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JC International Finance and Leasing Co, a wholly-owned subsidiary of China’s Legend Holdings, is making its loan debut.
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Cal-Comp Electronics (Thailand) Public Co, an international subsidiary of Taiwan’s Kinpo Electronics, is tapping the loan market for its debut sustainability-linked borrowing as companies and banks continue to push the development of the asset class in Asia.
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