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Swiss commodities firm has deleveraged thanks to elevated free cash flow
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
Leveraged loans in stressed sectors like software carry refinancing risk
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Speculative grade borrowers stayed on the sidelines of the primary market this week. While bankers said the deal pipeline has a healthy list of issuers ready to go in April, investors warned that they might be pickier than in the first quarter. -
North American private placement (PP) lenders are being routinely chosen over UK investors by borrowers in sterling, as a consequence of increasing advantages won through cross currency swaps, US PP participants have said.
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Commodity trader Glencore received a glorious response from the loan market to its latest refinancing, with the size of its annual revolver leaping by almost $4bn during syndication to close at $9.7bn. But senior bankers warned that this is a sign of lender desperation, not borrower strength, writes Michael Turner.
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Private equity-owned ION Investment Group has been named as the high bidder of the two that have made last minute bids to beat Temenos in the race for UK trading technology company Fidessa.
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Czech investment fund PPF Group has kicked off the syndication of a €3.025bn loan, which it is using to fund the acquisition of Norwegian telecoms group Telenor’s central and eastern European operations.
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Private equity-owned ION Investment Group has been named as the high bidder of the two that have made last minute bids to beat Temenos in the race for UK trading technology company Fidessa.
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