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Margins widen as lenders weigh up AI disruption to portfolio companies
Market still open to strategic mergers, but deal execution more selective
Borrower's sustainability credentials made a green lending a better fit, says ING
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Galapagos Holding, the maker of heat exchangers owned by Triton Partners, has this week postponed the release of its audited results for last year, as it digs in for discussions with creditors about a recapitalisation. -
Michele Colocci has left JP Morgan and will rejoin Morgan Stanley as chairman of M&A.
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The loan backing the €5.8bn takeover of Versum Materials by German pharmaceutical firm Merck launched into syndication on Wednesday. Three banks are leading the financing. Versum is the former electronic materials division of Air Products & Chemicals, which was spun off in 2016.
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NatWest Markets has hired an experienced debt capital markets banker to be its country head for Germany, based in Frankfurt.
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Triple-B rated corporate debt has grown more than most other rating bands in EMEA in the past decade, according to Moody's, and now accounts for a record share at 41%. This level of the market has expanded, against a backdrop of generally somewhat declining credit quality.
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Garanti Bank will refinance part of an existing $1.4bn loan by mid-May, joining four other banks amid the Turkish refi season. Although one year spreads have widened slightly in the secondary market, largely due to the weakening lira, bankers believe Turkish financial institution debt is still attractive.
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