Neil Unmack is a Reuters Breakingviews Associate Editor based in London. He covers credit markets, hedge funds, and Italy. Previously he was a corporate finance reporter at Bloomberg News in London. He started his career as a financial journalist in 2001 at Euromoney Institutional Investor, where he covered structured finance for EuroWeek magazine. He was educated at Eton College and Oxford University, graduating with a first class degree in modern languages.
Lenders to private equity managers are increasingly giving up protections. Loan investors more used to demanding and receiving better terms than bonds are now accepting similar conditions – and, in some cases, even worse ones. That could lead to a nasty shock.
The UK drugmaker will pay up to $6.9 bln to work with Daiichi Sankyo on a breast cancer drug. It’s a low-risk way of growing in a hot area, without the pain of an acquisition. The more than $4 bln jump in the Japanese group’s market value suggests the two are better off together.
The embattled fund manager named Keith Skeoch as sole boss, ending its controversial co-CEO structure. But Martin Gilbert stays on as senior executive and vice chairman. With its 552 bln pound asset base still shrinking and the dividend insecure, governance remains suboptimal.