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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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Indian software firm Hexaware Technologies has wrapped up a $600m loan to fund its take-private by Baring Private Equity Asia. -
Property company Hengli Group and real estate-focused private equity firm Gaw Capital Partners are taking advantage of a recent regulatory change in Hong Kong to increase a loan closed last year.
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Onex Credit Partners and Bain Capital Credit each priced CLOs with five year reinvestment periods on Wednesday, the latest managers to return traditional CLO structures that were upended by the coronavirus.
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Aston Martin, the British luxury carmaker, has arranged a new financing package to strengthen its balance sheet and cash reserves as it embarks on an ambitious new partnership with German car giant Mercedes-Benz, to start producing electric cars. The bond leg, however, was launched into a difficult market, with the Crossover widening sharply during the first day of bookbuilding.
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Crestline Denali Capital, LCM Asset Management, Anchorage Capital Group and HPS Investment Partners are the managers expected to price CLOs in the coming week, as the primary pipeline sees one last burst of activity before election headlines dominate.
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UK hospitality companies have been avid users of the US private placement market in the past, but since the coronavirus pandemic began, their businesses have been up-ended, with pubs subject to curfews, social distancing and closures. Fortunately, US PP investors have largely followed bank lenders in opting for leniency, waiving covenants or switching to monitoring minimum levels of liquidity. One firm even managed to raise new debt this summer.
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