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German promissory notes come into their own in times of stress
Company ups loan from €135m and adds sustainability linkage
Conflict marks inflection point for investment banks as syndicated loan exposure and crushed bond fees come under scrutiny
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Certain US private placement (PP) investors are beginning to fear a turn in the famously prudent market, towards a world with looser financial covenants. Let us hope this remains a fear and does not become reality. -
Giancarlo heads to private sector — Barclays structurer goes to buy side — Danske reorganises DCM
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GlobalCapital understands distressed debt buyers are seeking advice on how to target debt issued by intu Properties, especially its 2022 convertible bonds, now trading below 70, as the shopping centre company reels from the wave of restructurings and rent reductions by some of UK’s largest retailers.
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As a nascent feature of the Schuldschein market, secondary trading still hasn’t developed market norms and many remain unclear about the process.
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Chemical company Lanxess has signed a €1bn sustainability-linked loan, as lenders expect next year to see huge growth in other German companies using the format.
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Germany’s Volkswagen has signed a €10bn revolving credit facility, with the automobile company taking advantage of a significant oversubscription to double the size of its existing revolver.
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