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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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Singapore’s food and agri-business Olam has raised a $1bn loan to support its acquisition of US spices and seasoning company Olde Thompson. -
Barclays has hired Mani Joseph from Goldman Sachs to lead its Asia special situations team.
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Some CLO sources expect increased fears about inflation to enhance demand for CLO liabilities, as investors seek floating rate instruments. But other sources see the market taking a pause as investors assess the broader impact of inflation on fixed income and on relative value with corporate bonds. Sustained inflation could also hurt corporate profitability, and therefore the credit quality of CLO obligors.
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With inflation expected in the coming months, investors are set to allocate more cash to floating rate instruments – tipping the scales toward loans in leveraged buyout financings.
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Encore Capital is launching a £250m refinancing to push out its maturity profile and pay down the last bond issued under the Cabot Credit Management brand. The move comes following strong results published in early May and an upgrade to positive outlook from Moody’s.
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Grünenthal, the German opioid maker, has signed a €400m revolving credit facility, less than a month after making its postponed debut in the high yield bond market.
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