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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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Commodity trader Trafigura has closed a $203.5m US private placement. It is the largest sustainability-linked issue on record, according to GlobalCapital analysis, and signals the PP market is taking ESG financing more seriously.
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Kaisa Group Holdings closed a $500m bond this week, part of a liability management exercise.
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Eagle Point Credit Management has added Sam Yoon to its CLO investment team to assist in CLO debt trading and portfolio management. Yoon will report to Dan Ko, principal and portfolio manager at Eagle Point.
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Standard Profil, the auto supplier which makes sealing for cars, was in the bond market on Tuesday looking to sell €275m of five year notes.
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Swedish property website Hemnet has succeeded in a difficult IPO market, its shares rising 50% on its first day of trading in Stockholm.
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Birkenstock’s acquisition financing package saw changes to the documentation during syndication, announced on Monday. While the deal comes with an aggressive covenant package, the amendments do little to smooth the edges, instead raising the possibility that a rapid flotation of the business could see bondholders repaid inside the non-call period.
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