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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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New high yield issues announced on Monday offered investors both ends of the environmental spectrum — a green deal for Spanish property developer Via Celere, or a refinancing for oilfield services firm CGG. Real estate group Foncia sits somewhere in between, with a deal funding a dividend to Partners Group. -
CVC and other owners are putting in €220m of new equity to Douglas, the German beauty chain, ahead of a long-awaited refinancing which will see existing subordinated debt made whole — a nice trade for any buyers that bought in at its lows of 33 last year.
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Indonesian garment company Pan Brothers has been downgraded by Fitch Ratings for the third time this year owing to defaults on a dollar loan.
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Chinese textile company Victory City International Holdings’ financial predicament has taken a turn for the worse as it revealed previously undisclosed outstanding debt at its subsidiaries this week.
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CLO markets have snapped back to pre-Covid levels and structures, but with two major differences — easier rating rules from Moody’s and the rush to allow managers flexibility to own workout loans. While the Moody's changes have been accepted by the market, workout loans remain more controversial, but are gaining traction as the flood of resets permits managers to update their docs.
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Sound Point has set a new standard for the European CLO market by bringing a deal to market with a five year reinvestment period, a structure common in the US but largely absent in euros, even pre-pandemic. The deal also saw a healthy spread of equity demand, GlobalCapital understands, underlining the potential for strong supply even from those managers without captive vehicles to hold their subordinated notes.
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