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Platform to have two strategies — high yield and investment grade
Tranches in dollars and yen attract 12 banks
Leverage from Warner Bros purchase could make return to investment grade a mission impossible
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A $5bn take-private of Spanish telecoms operator MasMovil is the first sign of the return of M&A deal-making. But as bankers work frantically behind the scenes to rebuild the market, the big, integrated houses look set to dominate, writes David Rothnie.
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Kion, the German crossover-rated forklift truck maker, has signed a €1bn crisis funding facility, becoming the latest company to turn to KfW’s loan scheme to get through the coronavirus pandemic. -
Indonesian mobile phone seller Tiphone Mobile Indonesia is restructuring its debt after failing to make payments on a loan, adding to a growing list of stressed businesses in the country. But what is worrying bankers more than the default itself is the lack of transparency from the borrower, writes Pan Yue.
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Many felt that Chinese banks, key investors in Schuldscheine, would pull back from the market as the pandemic hit. This has been far from the case.
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Renault, the French car company, has arranged an up to €5bn short-term credit facility backed by its government, as fierce complaints have followed similar guarantees in other industries.
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Several market players have said family offices in need of cash are struggling to come to terms with restrictions on companies that have taken state aid to survive the coronavirus pandemic paying dividends. This has made other forms of debt, such as Schuldscheine, with no bans on dividend payments, more attractive.
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