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◆ French firm takes €700m with unrated deal ◆ Double digit concession needed ◆ Deal prices inside debut, but returns higher yield
Deal liberates capital and tempts investors to take new frontier market risk
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The bond leg of the loan-dominated buyout packages for Kantar and Merlin hit the market on Monday, giving investors a chance to buy subordinated debt in size. But both Bain Capital, and Blackstone, the sponsors, have included controversial provisions to limit the rights of noteholders who are ‘net short’. -
Leica Camera, the German camera company, has launched a €50m triple tranche Schuldschein.
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Enel has followed up its ground-breaking sustainability-linked bond, issued in early September, by signing its first revolving credit line with a similar format. The Italian electricity and gas company is doubling down on its commitment to increasing its renewable generation capacity by the end of 2021.
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Standard Chartered has hired Linda Gu as an associate director in its loan syndication team, according to a source close to the situation.
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Chailease International Finance Corp has closed its third offshore loan of the year, finding demand from 17 lenders for a $300m facility.
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The loan market has finally amended an existing facility to reference Sonia as its pricing benchmark, though the Bank of England has warned that the loan market still needs to do “much more work” to move away from Libor.
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