Adeola Eribake
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European leveraged loans & CLOs
Leveraged finance reporter @business. Views: mine
Articles by Adeola Eribake
Morgan Stanley’s Zieleznik Adds to Leveraged-Finance Departures
Morgan Stanley’s Mikolaj Zieleznik, the London-based head of non-investment grade syndicate for Europe, the Middle East and Africa, has left the bank, according to a person familiar with the matter. Zieleznik had been with the investment bank since 2006, according to his LinkedIn profile, and had been a managing director since 2013.
Upbeat Credit Markets Let Banks Chip Further Away at Citrix Debt
The banks that underwrote the buyout of Citrix Systems Inc. have managed to sell another small chunk of the massive debt financing they were left saddled with last year. A group of lenders led by Bank of America Corp. priced a €250 million ($270 million) term loan B on Friday afternoon, with the proceeds going toward paying down a further instalment on the original $2.5 billion term loan A the banks had on their balance sheets last year.
CVC Raises €400 Million European Leveraged Loans Fund
CVC Credit Partners Investment Management Ltd has completed raising a €400 million European leveraged loan fund, the firm said in an interview, as the private equity shop seeks to take advantage of continued volatility to snap up corporate debt. Cordatus Opportunity Loan Fund is intended to be a long-term financing facility, and has already acquired €175 million in assets, some of them when the UK’s October mini-budget sent loan prices tumbling.
Theresa May Tops List of UK MPs’ Earnings from Side Hustles: Sky
Harry Was a Hypocrite Who Harmed Ailing Queen, Sources Say Officially, Buckingham Palace has maintained what it must hope is being seen as a dignified silence in the face of Prince Harry’s new memoir Spare.
Theresa May encabeza ranking de ingresos extraparlamentarios de legisladores británicos
Últimascotizaciones Bloomberg — La ex primera ministra del Reino Unido, Theresa May, ha ganado más de 2,5 millones de libras esterlinas (US$3 millones) por encima de su salario oficial como miembro del Parlamento (MP), por compromisos externos y obsequios que recibió desde las últimas elecciones generales. La cifra supera a la de cualquier otro MP del Reino Unido, según una investigación de Sky News.
Messi to Extend Contract With Paris St Germain, BBC Sport Says
Argentina’s World Cup winning captain Lionel Messi is to sign a one-year extension with his current club Paris St Germain, with the option of an additional year, according to BBC Sport. Messi’s current contract ends in June 2023. The footballer’s father Jorge has been negotiating with PSG director of football Luis Campos for months, the BBC said, and the agreement comes after a meeting with the club’s Qatari owner Nasser Al-Khelaifi in Doha.
Messi ampliaría contrato con el París Saint-Germain: BBC Sports
Últimascotizaciones Bloomberg — El capitán de la selección de Argentina ganadora de la Copa del Mundo, Lionel Messi, estaría a punto de firmar una extensión de un año con su actual club, el París Saint-Germain (PSG), con opción a un año más, según BBC Sports. El contrato actual de Messi finaliza en junio de 2023.
Banks Keep European CLO Market Alive by Buying Their Own Product
(Bloomberg) -- European banks are snapping up large pieces of their own collateralized loan obligations, keeping the market for CLOs afloat in the absence of the US and Japanese banks that traditionally make up the bulk of the buyer base.
Scotch Whisky Prices Jump as Investors Seek Haven, FT Says
November 28, 2022 (Bloomberg) - The value of rare Scotch whiskies has climbed by more than a fifth this year as younger investors sought tangible assets amid volatile financial markets, the Financial Times reported.
Scotch Whisky Prices Jump as Investors Seek Haven, FT Says
Leer todo el artículo (Bloomberg) -- The value of rare Scotch whiskies has climbed by more than a fifth this year as younger investors sought tangible assets amid volatile financial markets, the Financial Times reported.
FIFA Boss Defends Qatar World Cup, Says Fans Can Survive for Three Hours Without Beer
Recentquotes Bloomberg — FIFA president Gianni Infantino defended World Cup host country Qatar’s last gasp decision to ban beer at games. The alcohol ban at stadiums was first announced on Friday, two days before the start of the event and reversed an earlier agreement to allow FIFA sponsor Anheuser-Busch InBev NV (BUD) to sell Budweiser beer. What is usually the world’s largest sporting event -- a decade in the planning -- kicks off Sunday with the hosts taking on Ecuador.
Aficionados pueden “sobrevivir” tres horas sin cerveza, dijo Infantino de la FIFA
Últimascotizaciones Bloomberg — El presidente de la FIFA, Gianni Infantino, defendió la decisión del país anfitrión de la Copa del Mundo, Catar, de prohibir la venta y el consumo de cerveza en los partidos. La prohibición del alcohol en los estadios fue tan solo anunciada hasta el viernes, dos días antes del inicio del evento, y revirtió un acuerdo anterior para permitir al patrocinador de la FIFA, Anheuser-Busch InBev (BUD), vender cerveza Budweiser.
UK Plays Down Suggestion of a Windfall Bank Tax, Times Says
The new UK government is unlikely to seek more windfall tax on bank profits even as it looks to plug a gaping budget shortfall, the Sunday Times reported, citing two senior people close to Prime Minister Rishi Sunak and Chancellor of the Exchequer Jeremy Hunt. Talks will now focus on sticking to previous plans to raise the general corporation tax, while lowering an existing 8% levy on bank profit, the newspaper said.
Heating Season Postponed as Warm Weather Sweeps Over Europe
(Bloomberg) -- A spell of warm weather across Europe is staving off the worst of the natural gas crisis for now at a time when clocks go back and cold weather normally starts to bite. Much of Germany basked in temperatures in the low to mid 20s Celsius Saturday, while the unusually warm temperatures sent sunbathers to the beach in France and Spain. The UK wasn’t far behind with a high of 22.9C (73F) recorded in London, while Slovenia and Croatia are set to post their warmest October on record.
Heating Season Postponed as Warm Weather Sweeps Across Europe
A spell of warm weather across northern Europe is staving off the worst of the natural gas crisis for now at a time when clocks go back and cold weather normally starts to bite. Author of the article: Bloomberg News Adeola Eribake Article content (Bloomberg) — A spell of warm weather across northern Europe is staving off the worst of the natural gas crisis for now at a time when clocks go back and cold weather normally starts to bite.
Credit Suisse Funds CLOs in Bet on UK’s Wobbly Real Estate Original
Credit Suisse Funds CLOs in Bet on UK's Wobbly Real Estate
Article content Economic Shock US investors were reassured by the way CRE CLOs weathered the economic shock of the pandemic with delinquency rates rising much less than for CMBS in 2020, said Anuj Jain, a strategist at Barclays Capital Inc. in New York. Delinquencies for CRE CLOs peaked at 3.1% in 2020, compared with a level about three times higher for CMBS, according to Barclays Research. “They realized these managers have experience in navigating this environment,” he said.
The U.S. could "crack the economy" if it raises interest rates beyond 2.5% to 3%, the influential bond investor Bill Gross has told the Financial Times. Gross said that while inflation was reaching concerning levels, the Federal Reserve wouldn't be able to slap on increases much beyond those levels. "We've just gotten used to lower and lower rates and anything much higher will break the housing market," the Pimco founder told the paper.
「債王」格羅斯指激進加息或破壞美國經濟
infocast·10 小時前 行政長官林鄭月娥去信國際商務委員會交代本港防疫措施。她指,政府會檢討部分國家航班禁止來港的規定,讓滯留外地的港人可以回港;至於恢復通關的時間表,她就指,政府仍要時間制訂第五波疫情後的路線圖。林鄭月娥在信中表示,知道商界希望放寬外地來港人士的檢疫安排,容許輕症患者可以居家檢疫,她認為是可以理解,當局亦已經因應確診個案急速上升,調整檢疫策略和受檢人士結束隔離的條件。她亦表示,知道政府公布全民檢測計劃後,引起部分人焦慮,強調政府須小心策劃減低對社會的影響,並已發出新聞稿澄清流言,政府短期內會公布更多資料。林鄭月娥又指,對於有領事和外國商界代表反映,香港公立醫院有染疫的幼童要與家長分開,亦有染疫的家長要與新生嬰兒分開,感到悲傷,但她了解到醫管局已積極安排家長陪伴住院的幼童,她已指示食衞局局長陳肇始繼續留意情況。 (BC)#肺炎 #疫苗 #變種 #Omicron
U.K. to Streamline Ukrainian Refugee Intake After Criticism
The U.K. government is poised to offer a new system for processing and admitting refugees fleeing the war in Ukraine, after weeks of domestic and international criticism. Cabinet member Michael Gove, whose brief includes housing and communities, told the BBC on Sunday that local authorities would be given 10,000 pounds ($13,000) per refugee to cover the costs of services, while households that commit to host Ukrainians for at least six months would get 350 pounds a month.
UK to bring new plans to tackle high cost of living: Telegraph
The UK will on March 23 outline a two-step process of interventions to support Britons through a cost-of-living crisis, the Telegraph reported. Chancellor of the exchequer Rishi Sunak has had a change of heart because of the extent of the fallout from the war in Ukraine, the newspaper said. He had been resisting calls from within his own Conservative Party, opposition politicians and business leaders to boost support beyond the £9bn (R176.56bn) unveiled in February, Bloomberg reported on Friday.
U.K. to Bring New Plans to Tackle High Cost of Living: Telegraph
The U.K. will on March 23 outline a two-step process of interventions to support Britons through a cost-of-living crisis, the Telegraph reported. Chancellor of the Exchequer Rishi Sunak has had a change of heart because of the extent of the fallout from the war in Ukraine, the newspaper said.
Europe's CLO Managers Snap Up Leveraged Loans as Prices Drop
European CLO managers are snapping up leveraged loans in the secondary market after jitters about credit risk triggered by Russia's invasion of Ukraine drove prices down to their lowest levels since late 2020. The average price of existing loans on the S&P Leveraged Loan Index fell 1.4% in February to 97.4 cents on the euro, the sharpest monthly decline since the start of the pandemic in March 2020.
Power Shift in European Loans Seen in $1.7 Billion CeramTec Deal
A 1.5 billion-euro ($1.7 billion) deal in the European leveraged loan market shows pricing power is starting to shift back from investors to companies. German ceramics maker CeramTec increased the size and lowered the price of its term loan this week. At 375 basis points over Euribor, the deal was also well below December’s average price margin of 434 basis points.
UK tinkers with COVID measures as omicron cases spike
The U.K. is trying various strategies to limit the impact of record high COVID-19 cases on health care and other sectors, while attempting to stay true to a vow to avoid new lockdowns. Among the latest moves, Boris Johnson’s government is developing contingency plans to help companies and supply chains avoid disruptions caused by rising staff absences, the Financial Times reported.
UK tinkers with COVID measures as omicron cases spike
The U.K. is trying various strategies to limit the impact of record high COVID-19 cases on health care and other sectors, while attempting to stay true to a vow to avoid new lockdowns. Among the latest moves, Boris Johnson’s government is developing contingency plans to help companies and supply chains avoid disruptions caused by rising staff absences, the Financial Times reported.
Johnson's Conservatives Shed Support in Swing Seats, Poll Shows
The U.K.'s ruling Conservatives are 16 percentage points behind the opposition Labour Party in the "red wall" of traditionally Labour-voting constituencies in northern England the Tories flipped at the last election. According to a poll of voters, Labour had 49% support to 33% for Prime Minister Boris Johnson's party in all 57 of the districts the Conservatives won over in 2019.
UK tinkers with Covid-19 measures as Omicron cases spike
The UK is trying various strategies to limit the impact of record high Covid-19 cases Gusztav Hegyi The UK government has asked private businesses to test the plans against a worst-case scenario of as much as 25% in workforce absences. Covid-related absences among hospital staff jumped nearly two-thirds between 26 and 31 December. Regionally, the situation is even worse, with parts of one London hospital having to close because half the nursing staff were off sick.
U.K. Rules Out Tighter Covid Restrictions Before New Year
The U.K. government won't introduce stricter Covid-19 restrictions in England before the end of the year despite the rapid spread of the omicron variant. Health Secretary Sajid Javid said he's monitoring the latest data and urged people to be careful, particularly at New Year celebrations. His comments came as the U.K. reported 98,515 new coronavirus cases on Monday.
Starling Bank Targets Lending Acquisition Before IPO: Mail
Digital-only startup Starling Bank Ltd is on the hunt for a lending business to buy before its stock market debut, the Daily Mail reported, citing the bank's founder and Chief Executive Officer Anne Boden. Boden told the paper the bank is aiming to acquire at least one lending platform in the first half of 2022. Starling has already made one such acquisition, buying Fleet Mortgages Ltd in July. "We've acquired Fleet. That's been very successful.
London Exodus Sees Record Spend on Homes Outside City, FT Says
London residents spent the highest in a single year on housing outside the city in 2021, as people sought more living space during the coronavirus pandemic, the FT reported, citing an analysis of official data. The 54.9 billion pound ($73.5 billion) tally beat the previous record of 36.6 billion pounds ($49 billion) set in 2007, even as the total number of transactions fell short at 112,780. The study by estate agent Hamptons used data from HM Revenue & Customs.
How one app turns Millennials and Gen Z into Gen Shop (till you drop)
Search for Klarna on TikTok and you will find young people making light of the debt they have racked up using the wildly popular “buy now, pay later” app. Some dance to the caption “crippling debt” after showing themselves using Klarna when shopping for clothes.
Millennials And Gen Z Are Hooked On A $46 Billion Shopping App
Sep 03 2021, 10:28 PMSep 03 2021, 10:28 PMSeptember 03 2021, 10:28 PMSeptember 03 2021, 10:28 PM (Bloomberg) -- Search for Klarna on TikTok and you’ll find young people making light of the debt they’ve racked up using the wildly popular “buy now, pay later” app. Some dance to the caption “crippling debt” after showing themselves using Klarna when shopping for clothes.
U.K. to Roll Out Free Tests to Track Covid-19 Antibody Response
Aug 22 2021, 4:31 AMAug 22 2021, 4:47 AMAugust 22 2021, 4:31 AMAugust 22 2021, 4:47 AM The U.K. will this week begin offering Covid-19 antibody testing to the general public for the first time, in order to better understand how many vaccinated and previously infected people are still catching the disease. The kits will be made available to adults who book and return a positive Covid-19 test via the national test and trace app.
Covid-19 telehealth boom picks up pace in East Africa
Covid-19 has sped up the pace of tech advances in healthcare. Africa has some of the worst doctor-patient ratios in the world and is catching on fast. Telehealth companies are expecting growth to continue even after the virus has been controlled. The pandemic has accelerated the pace of technological advances in health care, from video consultations to artificial intelligence-powered triage, and medically underserved East Africa is catching on fast.
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