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◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatility
After quitting M&A and equity capital markets in Europe and the US last year, HSBC is striving to maintain global relevance — and London and New York still have a role to play
Despite the allure of lower loan prices, CLO managers should print deals cautiously
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UK courts have endorsed gym chain Virgin Active’s restructuring plan, a precedent-setting move which shows that the UK’s new restructuring law with its ‘cross-class cramdown’ feature can be used instead of a CVA to cut debts to landlords. Some claim it represents a further attack on already-struggling landlords, but others argue than having all creditors share the pain at the outset should mean better recoveries if other chains follow this approach. -
Safestore, the UK listed self-storage company, has issued £150m-equivalent of US private placement debt.
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Chinese financial institutions are leading a revival in Asia’s loan market as they take advantage of a shift in market dynamics to tackle their refinancing needs. Borrowers from other industries are also likely to join the action before long — if only to get ahead of a possible US interest rate hike after a rise in inflation, writes Pan Yue.
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The current of interest in sustainability-linked finance entered a new district of the capital markets this week — private equity funds-of-funds. AlpInvest Partners, one of the biggest managers in the market, has signed a $650m facility tied to its environmental, social and governance investment practices. But the deal raises the question of the role of transparency in such financings.
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By being allowed to hide the details of sustainability targets and incentives, Europe’s investment grade corporations are being given an easy ride when it comes to sustainability-linked loans. They must be more open if the market is to remain credible.
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French telecoms firm Iliad is looking for at least €300m from the Schuldschein market, and is trialing an innovative tenor extension in one of its tranches.
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