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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 bond investors are set to be offered new bonds from both ends of the ratings spectrum this week, as A2 rated air traffic controller Nats (En Route) and fallen angel car parts company ZF Friedrichshafen planned deals. -
Another heavy primary week in European leveraged finance swung into action on Monday, with the bond leg of the buy-out financing for Bain and Cinven’s Sfr4.2bn purchase of Lonza Specialty Ingredients among the highlights.
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French frozen food maker Picard pulled its planned €1.7bn sustainability-linked dividend deal on Friday, citing ‘unsatisfactory market conditions’, and its flexible redemption schedule, with no maturities until 2023. Conditions were so unsatisfactory that last week was one of the busiest of the year in high yield primary, while Monday has opened with another six deals announced — suggesting that for most issuers and arrangers, conditions continue to be very satisfactory indeed.
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Thailand’s Gulf Energy Development Public Co is in talks with a large group of banks for a bridge loan of about Bt170bn ($5.3bn) to support its acquisition of Intouch Holdings. Pan Yue reports.
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Indonesian property developer Pakuwon Jati returned to the offshore debt market this week after a four year hiatus, selling investors a $300m seven year bond.
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Dalian Wanda Commercial Management Group Co sold a sub-one year bond on Thursday, raising $325m.
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