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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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Evergrande Group's dollar bonds have continued their downward spiral to becoming the worst performing high yield notes last week, as the Chinese real estate company feels the impact over its links with Shenjiang Bank, which has come under fire by regulators.
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Cal-Comp Electronics (Thailand) Public Co, an international subsidiary of Taiwan’s Kinpo Electronics, is tapping the loan market for its debut sustainability-linked borrowing as companies and banks continue to push the development of the asset class in Asia.
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The UK is reforming its treatment of special purpose vehicles in an attempt to make itself appear more business-friendly. However, in its attempts to open up the asset class, regulators could inadvertently tie up the market in red tape, as shown by its recent consultation over the possibility of including shares in ABS collateral.
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Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has launched its $500m borrowing into general syndication, after attracting six banks in the senior phase.
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Two Chinese real estate companies sold sub-one year bonds on Thursday, raising $350m between them.
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The Covid-19 pandemic has battered commercial real estate (CRE), leaving cash-squeezed properties scrambling for finance. The crisis, though, has rejuvenated the CRE CLO market in the US, with non-bank lenders providing properties with large amounts of leverage, leading to expectations that this year will make the sector a mainstream asset class.
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