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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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Hong Kong-listed Sun Hung Kai Properties has returned to the loan market for a HK$5bn ($645m) club deal. It is testing lender appetite at a time of growing selectiveness around the sector. -
Indonesian mining company Bukit Makmura Mandiri Utama (Buma) returned to the bond market on Tuesday to raise $400m after a three-year hiatus.
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Chinese conglomerate Fosun International has cut pricing on a new $560m-equivalent multi-currency loan, as it counts on banks’ hunger to lend amid slow deal flow to push its transaction past the finish line.
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Partners Group has returned to the US CLO market this year, pricing a rare CLO including an ESG factor screen, a trend which is sweeping international markets and which is slowly gaining traction in the US.
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BlackRock wants to move a long way towards catching up with leading investors in its response to climate change, its CEO Larry Fink indicated in his annual letter to chief executives on Tuesday. BlackRock stopped short of setting a net zero carbon emissions target for its $8.7tr of assets under management, or committing to swift decarbonisation. But it did publish a ‘net zero commitment’ saying it would “support the goal of net zero emissions by 2050 or sooner”.
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Direct lenders and debt funds have always pitched themselves as being more suitable partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can be quicker to waive covenants and offer new money than a less concentrated creditor group. But this also puts them in pole position to take the keys from a business should things go wrong — which we may see happen this year.
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