“Hotels, pipelines, convenience stores and automaker bonds are among the assets being bought by some of the world’s biggest asset managers as they look for value in a world thrown into turmoil by the coronavirus pandemic.” – by David Ramli, Suzy Waite and Matthew Burgess
What Investors With $3.4 Trillion Are Buying During Covid (Bloomberg)
The battle to buy a football league: Private equity contest for Italy’s Serie A (Scoreboard/FT)
“The growth plans of the football league’s new president Paolo Dal Pino are attracting bidders over a multibillion-euro deal.” – by Samuel Agini, Murad Ahmed et al.
Inside Wirecard (FT)
Extensive series detailing Wirecard’s path to insolvency.
A new credit cycle ushers in fresh class of European NPLs (GlobalCapital)
“Just when it looked as though the European NPL tide was at last beginning to fall, 14 years on from the start of the great financial crisis, a new surge of NPLs is on the horizon. It’s time to launch the securitization lifeboats.” – by Tom Brown
First European CLOs Fail Key Test Amid Strain of Pandemic Impact (Bloomberg)
“Cracks have appeared in the defenses of European collateralized loan obligations for the first time since the last financial crisis as portfolios buckle under the strain of the coronavirus pandemic.” – by Sarah Husband
Arcadia restructuring: who holds the power? (Drapers)
“The group, owned by fashion retail mogul Sir Philip Green, was expected to announce plans for a CVA last week. However, proceedings have slowed as Arcadia continues to lobby for the requisite approval from 75% of creditors.” – by Grace Whelan
Navigating Europe in 2019
Themes and Risks Investors in Europe to Consider in 2019
We are nearly 20 years into the new millennium and it is an unrecognizable place compared to when it started. Lehman is gone, Bear Stearns – gone, Merrill Lynch – acquired, Citigroup is a fraction of its former self. Blockbuster, Toys R Us, Woolworths are all part of the history books now. Europe, where we […]
Carige’s top investor meets ECB after blocked cash call (Business Standard)
“The top investor in Banca Carige met European Central Bank supervisors on Thursday to explain why he did not back a vital cash call at the troubled Italian lender.”
Europe Is Ground Zero for Global Credit Fears (Bloomberg)
CMC Ravenna, DIA, Douglas, Boparan: Just some of the hitherto obscure firms that have ensnared European credit investors in recent weeks.
Is the pharmacy the next casualty of the high street? (Essential Retail)
Should retail pharmacies be worried about disrupters such as Amazon encroaching onto their patch?