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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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Cerberus Capital Management is selling one of the largest ever portfolios of UK mezzanine mortgage bonds on Thursday, following a deterioration in the terms available in the ABS repo market after the huge volatility seen in the Covid crisis. The sale comes the same week as the sale of the last tranche of mortgages by government bad bank UK Asset Resolution, which could also flood the market with mezzanine supply. -
UBS's investment bank beat analyst consensus as capital markets revenue was up sharply year-on-year, while a sale of intellectual property rights resulted in a one-off gain, the bank showed in third quarter results on Tuesday.
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Getlink, the company that operates the Channel Tunnel, is preparing a €700m high yield green bond to refinance its 2023 bonds and raise cash for capex, including finishing off a landmark electricity connection between the UK and France. The refi comes after it negotiated waivers on the covenants in its term loan to deal with the impact of the pandemic.
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More Singaporean companies are making the transition to a new local currency benchmark rate in preparation for the end of Libor, with Sembcorp Industries becoming the latest firm to raise a loan linked to Sora.
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Indonesia’s Pan Brothers has requested Moody’s to withdraw its corporate issuer rating after a spate of downgrades this year, as the textile company struggles to put together a loan to meet some of its looming maturities.
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Citi arranged the reset last week of a $503.9m CLO managed by Elmwood Asset Management, extending the deal with a new five year reinvestment period as CLOs slowly return to pre-Covid format.
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