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◆ Supranationals and agencies prepare to achieve the previously unthinkable ◆ Leveraged loans versus private credit and their effect on CLOs ◆ A new dawn for dollar covered bonds and UK equity market structure
Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Ferrero International markets €300m deal
Margins widen as lenders weigh up AI disruption to portfolio companies
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The National Grid brought a £50m 10 year bond to the medium term note market on Wednesday — the day before the UK voted in an election marked by a debate about whether utility companies should be nationalised. -
Schuldschein salespeople, hunting for new investors with deep pockets, are targeting institutions with environmental, social and governance portfolios as the trend for green deals flourishes.
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Certain US private placement (PP) investors are beginning to fear a turn in the famously prudent market, towards a world with looser financial covenants. Let us hope this remains a fear and does not become reality.
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As a nascent feature of the Schuldschein market, secondary trading still hasn’t developed market norms and many remain unclear about the process.
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Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero in November and the transaction has closed at €650m, according to a source close to the deal. The success of this deal will encourage arrangers to bring more companies to market with negative floors in 2020.
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US private placement investors, who have long held firm on covenant structures, have started to notice early signs that their ranks may be breaking, and that 2020 may be a year when weaker covenant packages become more commonplace. But arrangers have resolutely dismissed this claim.
