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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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Adani International Container Terminal Private (AICTPL), part of India's Adani Group, sold its inaugural dollar bond on Monday. It raised $300m after receiving orders worth $2.85bn. -
CIFC Asset Management has priced the tightest post-Covid CLO with five-year reinvestment period, a deal which also includes the new more flexible language to allow managers to preserve value in distressed situations.
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Moody’s has put 188 CLO tranches issued by 114 US CLOs on review for possible upgrade, following a change in how its CLO methodology treats leveraged loans on negative watch. But the shift will make it harder to analyse CLO quality, as weighted average ratings will be dispersed more widely and documentation differences will become more important.
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Engineering equipment group Dürr has raised its third ESG-linked Schuldschein, raising €200m towards the redemption of its €300m 2.875% April 2021 bond. The company opted for the private market alternative, after pulling a contemplated €250m bond issue in early October.
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Britishvolt, a start-up UK battery technology company, is looking at a range of funding options for a £2.6bn battery gigaplant site in the UK. A company spokesperson said that bank lending would make up just part of the financing.
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Debt collector Lowell said on Friday that it had issued a private placement of high yield bonds to raise £117.5m-equivalent, taking advantage of strong market conditions to further shore up liquidity following its October refi.
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