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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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Europe’s high grade corporate bond market saw an abundance of mandates on Tuesday, suggesting that the bullish hopes from some corners of the banking world for May’s primary market might be fulfilled. -
EQT has launched the €1.525bn loan leg of the buy-out funding for its purchase of Cerba Healthcare, a France-based chain of medical laboratories, indicating that the flow of acquisition deals is still running fast, with multibillion deals including Birkenstock and Lonza Specialty Ingredients closing last week, and G4S slated for this week.
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Apollo subsidiary Redding Ridge has boosted its CLO platform, hiring Patrick McCarthy from JP Morgan, and Andrew Croshaw from law firm Cadwalader.
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Taiwan’s World Peace Industries Group has returned to loans bankers for a NT$18bn-equivalent ($645m) refinancing package. The fundraising includes a commercial paper guarantee tranche that has seen some changes as a result of scrutiny from the regulator.
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Indonesian textile manufacturer Sri Rejeki Isman (Sritex) has seen its dollar bonds fall to new lows in the secondary market, as investors grapple with the company's missed debt payment.
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New issue CLOs are increasingly selling equity to multiple buyers, leaving no single investor with a majority position — signalling an end to the difficulties of last year, which saw managers without their own equity or committed partners struggle to come to market.
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