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2 weeks ago | 
news.bloomberglaw.com | Eleanor Duncan |Manuel Baigorri |Dinesh Nair
Morgan Stanley is no longer involved in providing financing for KKR & Co.’s purchase of Swedish consumer-health company Karo Healthcare, according to people familiar with the matter. Morgan Stanley is advising Karo’s owner EQT AB on the sale and had teamed up with Jefferies Financial Group Inc. to offer around €1.1 billion ($1.2 billion) staple financing to potential bidders. Staple financing is pre-arranged funding used to facilitate an acquisition.
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2 weeks ago | 
news.bloomberglaw.com | Abhinav Ramnarayan |Eleanor Duncan |Giulia Morpurgo |Caleb Mutua
Gauges for credit risk are signaling just how nervous investors are getting about what Bank of America Corp. analysts described as the “the biggest shock to global trade in modern times.”US President Donald Trump’s sweeping tariffs sent indexes that track credit-default swaps surging by the most since March 2023 in both the US and Europe. The CDS contracts are used to hedge against the risk of default.
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2 weeks ago | 
news.bloomberglaw.com | Abhinav Ramnarayan |Eleanor Duncan |Giulia Morpurgo
Gauges for credit risk are signaling just how nervous investors are getting about what Bank of America Corp. analysts described as the “the biggest shock to global trade in modern times.”US President Donald Trump’s sweeping tariffs sent indexes that track credit-default swaps surging by the most since March 2023 in both the US and Europe. The CDS contracts are used to hedge against the risk of default.
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3 weeks ago | 
news.bloomberglaw.com | Eleanor Duncan |Gowri Gurumurthy |Abhinav Ramnarayan
French auto supplier Forvia SE hiked the yield on its debut US dollar junk bond offering following US President Donald Trump’s decision to slap tariffs on auto imports to the country. The company increased the rate to a final yield and coupon of 8%, up from its initial marketing levels of about 7.75% area, according to a person familiar with the matter. Citigroup led the deal. Spokespeople for Forvia and Citigroup didn’t immediately respond to requests for comment.
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1 month ago | 
news.bloombergtax.com | Eleanor Duncan |Libby Cherry |Abhinav Ramnarayan
Fresh from a grueling restructuring, French IT firm Atos SE’s bonds are among the surprise winners in Europe’s junk debt market this year, part of a trend investors are dubbing “the dash for trash.”Three of its notes issued as part of its overhaul have been some of the best performers in European high-yield this year, including two which sit in the lowest bracket of junk ratings.
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1 month ago | 
news.bloomberglaw.com | Eleanor Duncan |Libby Cherry |Abhinav Ramnarayan
At first glance, Atos SE’s bonds aren’t the most obvious buy. The company has recently emerged from a grueling restructuring — the result of a long-running debt crisis that saw its shares lose almost all of their value. But the French IT firm’s debt has been some of the best performing in Europe’s high-yield market this year. Three bonds that were issued as part of Atos’s restructuring — two of which sit in the lowest bracket of junk ratings — have rallied strongly.
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1 month ago | 
news.bloomberglaw.com | Eleanor Duncan |Abhinav Ramnarayan |Helene Durand
Europe’s plan to rearm in the face of Russian aggression and US detachment has already delivered a bonanza to equity investors. Credit funds are scrambling to get a share of the windfall, too. Like other key parts of the capital markets, corporate-debt investors are having to navigate ESG restrictions that in more peaceful times put weapons makers beyond the pale. Now they’re looking to rip up many of those rules.
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1 month ago | 
news.bloomberglaw.com | Abhinav Ramnarayan |Henry Ren |Eleanor Duncan
Satellite firm’s bonds and stocks had a huge rebound this weekEutelsat in talks to replace Elon Musk’s Starlink in UkraineIt was US President Donald Trump’s furious Oval Office clash with his Ukrainian counterpart last Friday that convinced fund manager Hugo Squire it was time to buy bonds in Eutelsat Communications SA. The French satellite operator’s debt was trading at near-distressed levels, with some money managers citing it as a popular short bet for hedge funds and trading desks.
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1 month ago | 
news.bloombergtax.com | Eleanor Duncan |Claire Ruckin |Aaron Kirchfeld
Banks are pitching up to €1.5 billion ($1.6 billion) in debt financing to back a potential buyout of Cie. de Saint-Gobain’s auto glass unit. Lenders are considering a debt offering that could tap into investor appetite in both the leveraged loan and high-yield bond markets, according to people familiar with the matter.
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1 month ago | 
news.bloomberglaw.com | Eleanor Duncan |Claire Ruckin |Aaron Kirchfeld
Apollo and KPS interested in the unit in rare M&A opportunityFrench company is working with Goldman Sachs on potential dealBanks are pitching up to €1.5 billion ($1.6 billion) in debt financing to back a potential buyout of Cie. de Saint-Gobain’s auto glass unit. Lenders are considering a debt offering that could tap into investor appetite in both the leveraged loan and high-yield bond markets, according to people familiar with the matter.
