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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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Asia’s dollar bond market reopened this week with record issuance. Issuers are usually keen to get in ahead of the Chinese New Year holiday, but the start to 2021 has seen a rush of new primary deals like never before. Bankers said the supply will continue, although they expect it to slow down in the next few weeks. Morgan Davis reports.
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UK stationery retailer Paperchase has submitted a notice of intent to appoint administrators, as it struggles to cope with the effects of lockdowns and disruption to Christmas sales.
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Adler Group, a BB+ rated company bringing an IG-style refi trade, looks set to be the first European levfin deal of 2021, with a mandate out on Wednesday for a dual tranche issue led by JP Morgan. The German property business had a transformative 2020, with two big acquisitions and a rights issue, and was last in the bond market in November.
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MUFG has given Darryl D’Souza a new position under Matteo Ferrario, where he will lead part of the bank's strategy for financial institutions.
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Issuers from Greater China flooded the market with dollar deals on Tuesday, capitalising on strong appetite from investors ready to put money to work in the new year.
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Dollar bond issuance from Chinese property companies went up a notch on Tuesday with seven firms printing deals. On Monday, the first working day of the New Year in the region, four Mainland developers had wooed investors.
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