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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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Italian infrastructure engineering firm Maire Tecnimont has brought a sustainability-linked note to the Schuldschein market, the second to be launched this week. However, with this debut issue, the margin rise or fall is larger than the previous two, making it an interesting test for investors. -
Gestamp, the Spanish automotive engineering company, has closed its Schuldschein with indications of a final size at about €180m. Market players believe that Spain and Italy may be the next key sources of growth in the years to come.
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One of the more fascinating transactions to reach the Schuldschein market in the past few months is from the European arm of Singapore-listed real estate investment trust (Reit) Cromwell. The transaction’s closing date was postponed by more than a month, as many away from the deal claimed the deal was struggling to find traction. But bankers close to the situation were quick to assure that it was still on track and investors just needed more time to analyse the credit.
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Dechra Pharmaceuticals, the UK veterinary pharmaceuticals company, has entered the US private placement (US PP) market, according to sources, in a debut set to test institutional appetite for the sector.
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The Public Works Loans Board has given investment banks and asset managers the Christmas present they have been praying for for years. By hiking the cost of loans to local authorities, it will force them into private capital markets. Big mistake.
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The Swedish krona MTN market’s bumper year received a further boost as nuclear power plant operator Teollisuuden Voima Oy (TVO) returned to the MTN market for the first time in five years to place a pair of notes in the currency. However, the return may be short lived, as TVO has plenty of access to cash and will take an opportunistic approach to future issuance.
