Crédit Agricole
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A triumphant first Grüner Pfandbrief has snapped the covered bond market out of its recent decline, bringing new buyers to a product that many investors abandoned this year as the European Central Bank’s purchases crowded them out, writes Bill Thornhill. -
Leveraged loan investors in Europe and the US are bracing themselves for a tough second quarter of borrowers aggressively trying to cut margins on their loans, writes Ross Lancaster.
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Dufry – HES Beheer – BCA Marketplace – Club Med – Grupa Azoty – International Bank of Azerbaijan – Kungsleden – UBM Group – Oriflame
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Li Ka-shing’s Cheung Kong Property is scheduled to sign its reorganisation loan at a reduced size of HK$40bn ($5.16bn) with 28 lenders. The trade, which started out at HK$55bn, was heavily oversubscribed as 28 banks piled in with commitments of at least HK$5bn each.
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On Tuesday, SIG Combibloc tried to slash the margin of its €2.1bn leveraged loan, which only closed in February. The packaging company wants to cut pricing by 100bp.
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Car parks business Infra Foch raised €200m with a tap of its April 2025 bond on Tuesday. The deal got much less interest than the original deal in October, and was priced at a higher spread over mid-swaps.
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Portugal is looking to take advantage of improving sentiment around Greece with a dual tap — but not every periphery issuer has been able to capitalise on events in Athens.
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SIG Combibloc, the Swiss drinks carton maker that issued one of this year’s biggest blowouts in the European leveraged loan market, is testing its popularity by repricing the loan, which it closed only at the beginning of February.
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Club Med has allocated its €400m acquisition loan to early bird lenders, avoiding a process of general syndication, after commitments filled the book during its pre-launch stage.
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Central Bank of Savings Banks Finland lured senior unsecured investors into a debut five year euro print on Tuesday, tightening the deal by 7bp from initial guidance.
