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Scrabble expected to sign deals before summer
UBS promotes bankers to replace leveraged finance specialist
Tightening trend in private credit pricing has reversed since April 2, but reliability is funds' trump card
The asset manager sees higher demand than ever as direct lending proves solid during a crisis
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In one of the first pieces of public research on the nascent direct lending asset class in Europe, a report from Oxford University’s Saïd Business School has found that it could grow assets under management by as much as 50% in the medium term, owing to banks retreating from the mid-market and investors looking for higher yields from credit. -
WH Smith, the UK high street retailer, has extended its bank term credit lines and cancelled a crisis liquidity facility, as the borrower posted better than expected trading figures since the start of the year.
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China’s Guangdong Lingyi iTech Manufacturing Co, a company focused on making magnetic materials, electric motors and electric wires for automobiles, computers and mobile phones, has hit the market for a $150m loan.
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Lone Star is refinancing and pricing the debt incurred for its buyout of BASF Construction Chemicals, one of the bridges hung during the first peak of the Covid crisis a year ago. The original deal required creativity to cross the line, plus a hefty private placement with GSO. Now, however, it looks set to slice up to 100bp off the euro margin, and more from the GSO deal.
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Short sellers get a lot of stick, whether it is Elon Musk taunting them, an army of Redditors squeezing them or the corporations they target otherwise harassing, suing and investigating them. But they play a vital part in capital markets, as underlined by the Greensill affair — where the finance firm’s private status meant that for too long it could hide from the accountability that short sellers can help deliver.
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Real estate developer China Aoyuan Group has closed a $225m-equivalent dual currency loan with nine banks in the syndicate.
