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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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Polish synthetic rubber group Synthos announced a €500m high yield bond on Tuesday, following its recent agreement to buy two specialist rubber businesses from Trinseo for $449m. It will fund the acquisition through cash but it launched the new bond to pay down its existing term loan and put in place a more flexible capital structure, including an increased €500m revolving credit facility. -
Debut Chinese borrowers are steadily returning to the dollar loan market, taking advantage of economic recovery in the country to raise money to finance their capital expenditure.
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Three Chinese borrowers and one Hong Kong issuer hit the international bond market on Monday, getting ahead of a pick-up in deal flow expected in the rest of the week.
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Harbor Group International has closed its debut CLO backed by commercial real estate loans. A surge of CRE CLO deals are expected this year as issuers securitize a backlog of loans originated before the Covid-19 outbreak.
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Partners Group is marketing Penta CLO 9, a new CLO with a score related to environmental, sustainable and governance factors, following three similar transactions. But market participants question whether ESG scores are likely to turn the CLO market green.
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Alcentra, the alternative fixed income investor owned by BNY Mellon, has raised $484m in its fourth structured credit opportunities fund.
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