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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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Kartesia, the alternative asset manager known for financing small to mid-cap companies, has raised its fifth private debt fund mandated to look for deals beyond private equity sponsors. -
The explosion of special purpose acquisition companies (Spacs) may have drawn widespread criticism as evidence of an over-heating equity market but in turn the CLO market has benefited. Spacs have pumped equity into a number of highly leveraged companies, enabling lenders to get their money back. This has allowed CLO managers to enjoy a boost in credit quality, writes Paola Aurisicchio.
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Deutsche Lufthansa deferred the coupon on its hybrid debt, surprising the market and sending the bonds spiralling down almost nine points. The company said the decision came as the coupon payment would have violated state aid rules in relation to Lufthansa’s bail-out from the German government.
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Indonesian multi-finance companies are continuing to favour club loans over syndicated deals, with Federal International Finance becoming the latest firm to use this route for its fundraising. Pan Yue reports.
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CIFC Asset Management has issued a CLO committing $145,000, alongside other deal parties, as a donation to the non-profit organization Black Girls Code to support racial equality. CIFC Funding 2021-IV is the deal that has inaugurated the 'CLO Initiative for Change,' a philanthropic program that plans to make a contribution to different organizations each year.
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Akropolis, which operates shopping centres in the Baltic region, is readying a debut high yield bond issue.
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