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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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Neuberger Berman has re-entered the European CLO market for the first time since the financial crisis, with a deal including a new feature which measures how well its portfolio matches UN sustainable development goals. -
CLO managers bringing new deals need lower rated, higher yielding loans to come to the primary market, after the European market saw a surfeit of better quality supply in the first months of the year.
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Dollar bonds from high yield Chinese real estate companies tightened in the secondary market on Tuesday, after plummeting in the run up to the Lunar New Year break amid news from firms under liquidity pressure.
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Thai Union Group, a seafood producer, has raised its first sustainability-linked loan of Bt12bn ($401m)-equivalent from the Thai and Japanese markets.
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Trafigura, one of the world’s largest commodity traders, has closed a Schuldschein issue in a debut that surprised many in the market. The deal shows there is an appetite for unusual credits among some of the market’s investors. Trafigura’s group treasurer told GlobalCapital that this SSD is only the first from his company.
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GlobalCapital spoke to Andre Hakkak, chief executive of White Oak Global Advisors, a fund specialising in SME, asset-based and direct loan origination, about the Covid crisis in the SME world, the coming end of government support, the end of Ebitda and the challenges of fundraising in a pandemic.
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