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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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Tim Metzgen is leading a new European debt advisory franchise at Alvarez & Marsal. -
HSBC has appointed Vinay Raj as head of illiquid credit syndicate, a new structure within the firm's global syndicate operations focused on distributing structured finance, infrastructure, real estate and distressed debt.
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Marco Acaia has joined Nomura as a managing director in the consumer and retail coverage team.
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As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.
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BNP Paribas and Deutsche Bank are marketing a €710m term loan 'B' to fund the secondary buyout of Armacell by PAI Partners, announced just before Christmas. This will be the insulation company’s fifth LBO, so it is well known to lenders, who ought to support the new deal despite a downgrade last year.
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Some of the largest issuers in the leveraged finance universe are repricing their loans, cutting 50bp or more from their margins on the back of strong market conditions and proven performance since the loans were raised. That is putting pressure on CLO managers and equity holders, whose liabilities are tightening too, but more slowly, blocking repricing of the bonds and squeezing returns, write Owen Sanderson and Tom Brown.
