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Firm has added to its London team with seventh partner hire this year
Banker had worked at DB for 14 years
Marco Ferrari joins Stockholm office from Nordea
One major bank has underwritten three infra deals in the last week
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Loan investors succeeded in the ‘game of chicken’ in setting deal terms on the first two major new money acquisition loans in the European market this year, winning a package of concessions that could help achieve a better balance between borrowers and lenders in a market that has seen documentation deteriorate. -
Canada’s Barrick Gold launched an almost $18bn hostile swoop on rival Newmont on Monday, as the wave of consolidation in the gold sector reaches new heights.
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The first two big acquisition loans of the year in Europe, for Amer Sports and Ahlsell, have both been subject to pushback from investors on some of the most borrower-friendly terms in their original security packages. That has set a standard for new deals, now markets have recovered much of the ground they lost in the fourth quarter.
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Macroeconomic conditions have converged to create a strong market for new investment grade corporate bond issues in Europe, with a more dovish US Federal Reserve, a potential delay to Brexit, and signs of progress in the US-China trade discussions prompting investors to turn risk-on.
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German industrial services company Bilfinger has launched a Schuldschein months after pulling a transaction in public markets. The BB-rated company is offering a spread substantially higher than the typical Schuldschein borrower, in the hope that lenders will forego its failed foray and be charitable with its chequered past.
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Philippine oil company Petron Corp has returned to the offshore loan market after a two year absence, picking a bigger lead group that has allowed it to achieve much tighter pricing.
