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Deal liberates capital and tempts investors to take new frontier market risk
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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. -
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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Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero in November and the transaction has closed at €650m, according to a source close to the deal. The success of this deal will encourage arrangers to bring more companies to market with negative floors in 2020.
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Loans bankers are having a tough time at the moment, forced to reflect on a difficult year and struggling for new deals as bonus season looms. They are spending the last few weeks of December tweaking pitches — but most admit they have little confidence about a boom in 2020. Pan Yue reports.
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