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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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Goldman Sachs is preparing a £225m high yield bond to take out the acquisition financing for Lone Star’s take-private of UK retirement home developer McCarthy & Stone, according to documents backing the offer. -
Moody’s has issued a stark warning on the precarious position of corporates if there is another mass outbreak of Covid-19 that slows economic recovery. But senior lenders say the syndicated loan market is once again ready to provide liquidity at short notice.
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Unrated real estate company Ganglong China Property Group sold its maiden dollar bond on Wednesday, nabbing $150m from the high yield transaction.
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Deutsche Lufthansa decisively showed that bondholders will buy airline credit once again, without relying on extra security, extra upside or anything other than a broad-based mood of credit euphoria that is sending risk assets soaring.
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Greene King’s pub securitization Spirit Issuer is expected to default this year, after bondholders declined to waive potential covenant breaches in the same way they did for other pubcos, including the company’s larger, whole business securitization. This will give bondholders the right to enforce security, but it will test creditors’ desire to take over the assets outright.
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GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2020 will close today. If you haven't yet voted, we would be delighted if you would take this opportunity to pick the deals and firms that have made the most difference to loan markets in 2020. We remind you that an institution cannot win a category it hasn't voted on.
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