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Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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Investors appeared happy to tolerate soaring leverage in favoured sectors, such as tech or pharma, on Thursday, while Covid-19 recovery candidates are beginning to look expensive, as much of the rally that began in November has played out. -
Commodity trader Trafigura has sold US private placements, according to market sources, in its sixth issuance in the market.
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The CLO market is expected to take a pause after the oversupply of the first months of the year, allowing investors to digest the unprecedented volume of new issue, refi and reset, and giving much needed breathing space to market participants. Managers, sources say, are in less of a rush to lock in tight spreads, as the market is considered healthy and more stable in the medium term.
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US security firm Allied Universal has launched term loan Bs in euros and dollars, the first leg of the financing for its acquisition of UK rival G4S.
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The detailed rules for the EU Taxonomy of Sustainable Economic Activities look set to come into force, as the European Commission published them on Wednesday, after weeks of intense lobbying and negotiation that had raised the prospect of them being delayed again. Gas will not enter the Taxonomy for now and will be dealt with in separate legislation, but nuclear power could enter the Taxonomy later this year, alarming greens.
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Kaisa Group Holdings paid a new issue concession of about 10bp for a $200m tap of one of its existing deals, appealing to investors amid recent pressure on Chinese bonds in the secondary market.
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