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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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Lufthansa is in talks with a number of banks to raise three year money in a Schuldschein deal, according to several sources familiar with the situation. -
Aluminium company Novelis, a subsidiary of Indian conglomerate Aditya Birla, has issued its debut green bond, a €500m eight year non-call three to refinance part of its term loans signed in 2017.
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Tricor Holdings, owned by investment firm Permira, has brought a rare dividend recapitalisation deal to Asia’s loan market. Pan Yue reports.
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Slowing dollar bond supply from Chinese property companies got a further blow this week after Yuzhou Group Holdings was hit with a downgrade, triggering a slump in the secondary market. With more disruptions expected, and as liquidity pressure on real estate firms rises, a repricing of the sector may be on the cards. Morgan Davis reports.
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CLO managers have begun to reset their Covid-era deals, slashing liability costs, as illustrated by AGL Credit Management, which shaved 114bp off the margin of a senior tranche originally priced in April 2020.
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Douglas, the highly levered beauty retailer, is finding the bond market more receptive than loans to its turnaround refinancing. It has restructured its debt package to switch €330m of secured loans to bonds. The comeback deal appears still on track, though the PIK notes are being marketed at a punchy 9% yield.
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