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Company’s new facility was described as ‘substantially oversubscribed’ and structured as a club deal as it adds contingent liquidity loan for $3bn
Hire comes from Ares
Company last issued Schuldscheine in 2019
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Finnish national airline Finnair has launched a rights issue in response to the coronavirus pandemic — the first in an expected wave of large European rescue recapitalisations. -
UK discount clothing retailer Matalan said this week that it hoped to take advantage of the government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS) — but that the extra £50m available under the programme will have to be senior to its public bonds, requiring bondholder consent.
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Robert Bosch, the German engineering group, has signed a €3bn revolving credit facility, as lenders warn that smaller companies in the same industry will find it harder to get financing.
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A dramatic collapse in the price of oil has forced banks to take a hard look at their lending to companies in the industry. Syndication bankers in Asia told GlobalCapital this week that they plan to reduce their exposure to the sector, and to demand higher returns for the loans that they do accept. Pan Yue reports.
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The Schuldschein market is expected to reopen in a matter of days, but arrangers will face a changed market and will have to adapt to the new corporate lending landscape created by the coronavirus pandemic.
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In contrast to what analysts had expected before its first quarter results, Deutsche Bank reckons its investment bank will outperform last year’s revenue figures in 2020. However, its fixed income and currencies sales and trading business did not match peers’ revenue growth in the first quarter.
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