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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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Ping An International Financial Leasing, a wholly-owned subsidiary of China’s Ping An Group, is casting a wide net for its $500m loan comeback, in a bid to diversify its financing sources — and its banking relationships. -
Shenkman Capital has returned to the CLO market after skipping issuance during 2020, pricing a deal named Romark CLO IV through its affiliate Romark Credit Advisors.
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Last week’s heavy levfin supply hasn’t produced a pause for digestion, with five new high yield bonds on Monday joining two announced on Friday for execution this week, despite some recent supply trading down in secondary.
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Cambodia’s Prasac Microfinance Institution has returned to the loan market for $200m, narrowing pricing by 35bp compared to its last transaction in 2020.
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The credit quality of CLOs has strongly improved since April 2020, with default rates and watchlist exposure falling rapidly, Fitch said this week.
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The European Commission is set to put forward a new solution to the intense battle over the EU's sustainable finance Taxonomy, between green finance supporters and EU member states that want to safeguard their plans to use gas, GlobalCapital has learned. This would appear to involve leaving gas out of the sustainable category of the Taxonomy, as environmentalists have demanded, and making a "separate legislative proposal" to deal with gas and nuclear power.
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