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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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Eldridge Industries has carved out part of its structured credit team to launch a new CLO investment firm, named Panagram Structured Asset Management. -
NH Hotels has successfully refinanced its existing 3.75% 2023 bonds with a new €400m five year non-call two high yield bond, with the hotel chain supported ahead of the issue by a €100m cash injection from its shareholder, Thailand’s Minor Group. It will carry on shoring up its liquidity position in the months ahead, with a €200m sale-and-leaseback deal set to close shortly.
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GlobalCapital reveals today the winners of its Bond Awards 2021, including celebration of the achievement of top corporate banks and issuers — and Lifetime Achievement Awards for two of Europe’s most prominent corporate funding officials.
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China Aoyuan Group’s attempt to woo investors to its $200m bond with a generous yield fell flat on Tuesday. Recent concerns about the property developer’s leverage, and the subsequent fall of its dollar bonds in the aftermarket, held investors back from the new deal — and caused a further spiral in secondary. Morgan Davis reports.
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VPBank Finance, the consumer finance arm of Vietnam Prosperity Joint Stock Commercial Bank, has returned to the loan market just four months after its last deal. But this time around, it has brought together a diverse mix of lenders to run its fundraising — a rarity for transactions from the country. Pan Yue reports.
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On Monday, Bardin Hill Investment Partners refinanced the senior notes of a CLO issued in 2017, repricing the tranche at 108bps over three month Libor.
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