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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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Duty-free operator Dufry joined the throng of issuers in the high yield primary markets this week with its first straight offering since the coronavirus pandemic hit. It increased the offering size from €850m to €1bn, as investors pinned their hopes on the vaccine-inspired recovery in the travel industry. -
Pfleiderer and its owner, Strategic Value Partners, have minor changes during syndication to the deal docs in its dual-tranche sustainability-linked high yield bond, limiting the group’s flexibility to pay out sale proceeds from its Polish division as a dividend. But the company has succeeded in pushing pricing tight, with the fixed rate bonds set to land at 4.75% area and the floater at 475bp.
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Cimpress has launched a cross-border term loan ‘B’, aiming to raise more first lien debt at tight levels to allow it to clean up its costly 12% second lien facility raised from Apollo last April.
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GlobalCapital is conducting its annual poll to determine its Bond Awards 2021. The voting deadline has been extended until April 22, so we invite readers who have not voted yet to do so in the coming week.
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Singapore’s agribusiness company Wilmar International has returned to the loan market for a borrowing of up to $1bn.
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A flurry of deals is expected to hit the CLO market with managers, such as Sculptor, MJX, First Eagle and Carlyle, among others, set to issue new deals or reprice legacy deals.
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