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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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Direct lenders are brandishing low levels of default rates through the coronavirus pandemic as proof of the resilience of the asset class, and are using this track record to attract more investors. But not all funds are equal, and now potential LPs can scrutinise the performance of funds through a full credit cycle and allocate accordingly. -
Nordic Capital, the Swedish private equity firm, has signed a sustainability-linked revolving credit facility, as ESG finance continues to make inroads into private equity.
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Thailand’s Charoen Pokphand Group, which tapped the loan market for a $7.2bn bridge loan last year to acquire retail giant Tesco’s Asia business, is now seeking covenant waivers on the fundraising. The move — which bankers say is triggered in part by CP’s plan to offload some of its newly-gained stake in Tesco — has hurt lenders’ confidence in the Thai conglomerate and raised questions around its strategy. Pan Yue reports.
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The CLO market has entered a new expansionary period with more investors in deals and minimal leveraged loan defaults. A strong performance for the asset class in 2020 has changed the narrative outside of financial markets that CLOs are systemically risky, said panelists at IMN's conference on CLOs and Leveraged Loans.
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The UK financial regulator succeeded in persuading a court to throw out Amigo Loans’ scheme of arrangement, a move which may force the troubled high-cost lender to come back with a further proposal to manage its debt — perhaps hitting shareholders and wholesale creditors harder this time, or even handing part of the company to its customers.
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Adler Pelzer has finally priced a €75m mirror note, replicating the terms of its 4.125% 2024s, with BNP Paribas as sole global co-ordinator. JP Morgan, the original gloco, first announced the deal two weeks earlier, an extraordinarily long syndication process for a tiny bond from an established issuer — and an indication, alongside the eventual 92.50 price, that selling the issue was a challenge.
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