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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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The shift to home working is going to heap pressure on office property companies, with some corners of the capital market expecting their bonds to start selling off if workers stay away as lockdowns are eased.
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KKR, Cinven and Providence Private Equity have launched the first post-Covid take-private LBO attempt, targeting Spanish telecommunications company MasMovil with a €3bn takeover offer at €22.50 a share, giving the company an enterprise value of around €5bn. Barclays, BNP Paribas and Morgan Stanley have underwritten the financing for the buyout.
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Beijing Enterprises Clean Energy is making a quick return to the offshore loan market, only two months after launching a separate borrowing.
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Asia’s loan market is slowly recovering from a near-shutdown due to Covid-19, with bankers predicting a busy couple of months ahead. But syndication will still be a challenge as lenders continue to remain risk-averse and selective on deals.
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Safran is set to sell a large US private placement this summer, as the French aerospace and defence company looks to extend its maturity profile.
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The Asian Infrastructure Investment Bank has approved a $750m loan to the Philippines to help it recover from the Covid-19 pandemic.
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