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Deal rules and slow primary market make ramping up deals difficult
◆ 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
◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
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Personal hygiene company Ontex has launched a bond deal, aiming to replace the bulk of its previously secured capital structure with unsecured debt, and push out its 2022 maturity wall with longer-term funding. -
Genertec Universal Medical Group, a Hong Kong-listed healthcare services company, has received strong response during syndication for its latest loan.
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Shui On Land became the first Chinese corporate borrower to sell a sustainability-linked bond (SLB) this week — a move that worked to its advantage.
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Trimaran Advisors has refinanced a CLO originally issued in 2014 via an applicable margin reset (AMR) auction, joining a handful of managers to the innovative way of refinancing. More online repricings are expected to follow, as the issuers scramble to lower their funding costs.
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The spreads on triple-A rated CLO tranches in euros are levelling off once more, after a spell of widening. The senior parts of the capital stack have become more accessible to investors, leading to a stabilisation of spreads which syndicates warn may be temporary.
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Thailand’s Gulf Energy Development Public Co is seeking a multi-billion loan in dollars and baht to fund the acquisition of telecommunications firm Intouch Holdings, giving banks yet another opportunity to finance a jumbo deal from the southeast Asian country. But there are challenges ahead, writes Pan Yue.
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