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Funding follows National Wealth Fund investment
British-German publisher is a first-time Schuldschein issuer
Lenders believe year ahead may not be as robust unless event-driven M&A takes place
London-based hire will also work on financing for infra sector sponsors
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US private placement market insiders fear a round of early prepayments, as companies look to wriggle out of the straightjackets of financial covenants and issue public market bonds instead. Amendments brokered at the start of the coronavirus pandemic are up for review now, and sources think these talks will involve tough conversations between borrowers and lenders. -
Crunch time is coming for the shift away from Libor and a recent survey shows that the majority of companies have yet to do anything tangible in preparation. Quite right too. Lenders need to realise this is a bank problem, not a client issue.
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Almost two thirds of companies are still unprepared for the transition away from Libor, as lenders in London say they are in “intensive” discussions with clients about the switch to risk free rates.
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Indian conglomerate Reliance Industries has made a quick return to the loan market, raising a $1bn facility to refinance a bond maturing later this month.
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German railway wagon lessor VTG has sold €550m of private placements to institutional investors in Europe and the US, according to market sources. More and more, US PPs are being marketed to traditional Euro PP investors.
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Newlat, the Italian food company, has made an offer for UK bread maker Hovis, as foreign companies continue their push to pick up some of the UK’s best known firms.
