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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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KPN, the Dutch telecoms company, saw its bond spreads swing out on Thursday, on renewed reports that private equity firms are lining up to buy the company. -
Record levels of resets in the CLO market on both sides of the Atlantic are helping NorinChukin Bank, once the anchor investor for many triple-A tranches, slim down its investment portfolio in the asset class. Fortunately, new big buyers are stepping up at the top of the capital structure, and on less onerous terms than NoChu demanded.
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TI Fluid Systems, an auto parts company, is marketing its first unsecured debt, a €600m eight year non-call three, which it plans to use to repay part of its secured debt. It has also launched repricing on this loan, looking to cut margins and reset Euribor floors to market standard levels.
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HSBC is relocating the regional head of its leveraged and acquisition finance (LAF) business from Hong Kong to London to help implement its UK strategy.
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Redco Properties Group raised $220m on Wednesday from its first sustainability bond.
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CLOs have 'by nature' a limited exposure to the industries commonly excluded under ESG criteria, meaning their investment flexibility will be preserved, despite the exclusions appearing in more and more deal documents. This bodes well for the growth of ESG screening in the US CLO market, which has lagged behind other markets, with only 10 deals so far featuring the language, according to Deutsche Bank.
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