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Banks ready to do deals but wiser to wait
Investors see Europe and smaller companies as safer areas after tech companies hit by AI disruption fears
It's easy for investment bankers to get jaded about awards ceremonies, but they are missing the point
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Schuldschein arranging banks have long claimed to be the market's gatekeepers as far as borrowers looking for access are concerned, rejecting lower quality credits to keep the standard high. As the market expanded in recent years and a richer variety of companies borrowed from it, this became a less convincing claim. But as the coronavirus pandemic rocks Europe, Schuldschein bankers say they have declined several requests from companies from risky sectors. -
Icelandair, Iceland’s flag carrier airline, has finalised documentation on a $120m state-backed loan from domestic lenders, which is contingent on the company completing an equity raise.
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Hong Kong Broadband Network is enticing banks to a HK$5bn ($645m) loan by offering them a juicier margin than previously.
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Singapore’s Farrer Park Co has become the latest company from Asia to tap the green loan market, raising a S$200m ($147m) facility from United Overseas Bank.
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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.
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Data centre operator Aligned has closed a $1bn sustainability-linked debt financing, marking the arrival in this industry of a green finance tool that is growing in popularity.
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