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Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
Pharmaceuticals and energy transition also ripe sectors for M&A
The US bank has emerged from its restructuring to record impressive market share gains following a reboot of its financial sponsor and leveraged finance businesses
Firm has added to its London team with seventh partner hire this year
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Swissport has been by far the most sold asset in European CLO portfolios since March, with €384m out of a €900m facility traded, according to trustee reports and Bank of America research. Managers exited the loan at an average price of 74. In an agreement reached two weeks ago, all secured debt will convert to equity, with unsecured debt extinguished. -
Sir Ronald Cohen, the venture capitalist who chairs the Global Steering Group for Impact Investment, on Tuesday called on governments to mandate companies to publish impact-weighted accounts.
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GardaWorld, the Canadian security service company, has made a hostile £3bn offer for larger UK rival G4S, marking the second major bid for a UK company from a North American firm in less than a week.
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Goldman Sachs has appointed Christopher Droege and Chris Emmerson as co-heads of cross markets and sponsor M&A for Europe, the Middle East and Africa.
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Three Taiwanese companies are testing bank appetite for new loans, as slow deal flow this year gives them enough ‘bargaining power’ to raise funds at thin margins and fees.
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Hugh Hendry, the outspoken founder of former macro hedge fund Eclectica Asset Management, told GlobalCapital he sees no evidence for the re-emergence of global macro as a broad and viable investment strategy. Were volatility to rise again, Hendry says he may well get back into the financial fray but the likelihood of that is vanishingly slim.
