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Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
Leveraged loans in stressed sectors like software carry refinancing risk
Ferrero International markets €300m deal
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Banks have been hiring staff to help financial sponsors hunt jumbo take-private deals as opportunities dry up elsewhere, writes David Rothnie. -
On Wednesday the UK’s final court of appeal rejected Goldman Sachs’ attempt to recover money lost on a loan to Banco Espírito Santo through the British courts. The judge said that the EU’s framework for dealing with failing banks could be undermined if the actions of resolution authorities could be challenged outside of their home country.
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Two Chinese companies, United Asia Finance and Greentown China Holdings, have received strong responses to their offshore borrowings, allowing them to increase the loan sizes.
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A handful of deals from Bahrain and the CIS region is all there is to keep emerging markets loans bankers busy over the next six to eight weeks, with many already heading off for summer breaks as volumes and near term pipelines dwindle to almost zero.
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Beverage company Rémy Cointreau has signed a €100m syndicated loan, with a pricing structure that could see the margin on the debt plunge by more than 70% if certain conditions are met.
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UK Reit Schroder Real Estate Investment Trust (SREIT) has refinanced £149.6m of loan debt, cutting fixed interest costs and stretching out duration as the firm looks to mitigate interest rate risk.
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