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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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SMC Global Power Holdings Corp was one of the few Asian issuers outside of China to turn to the dollar market this week. The Philippine borrower attracted ample investor support, allowing it to raise more money than it had first planned. -
Ripple, the US cryptocurrency company, has launched a line of credit available to some of its customers, as corporate financers say that blockchain technology will likely continue to create new services associated with traditional banking.
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Four bond issuers from Greater China followed the Chinese ministry of finance into the dollar market on Wednesday, snapping up $1.4bn between them.
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November’s US election and regulatory issues are major concerns for the US CLO market, together with another possible wave of defaults in leveraged loans, the SEC has said.
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Tightening spreads on triple-A rated CLO tranches has prompted a wave of refinancings and resets of fixed rate tranches over the last two weeks. Market sources expect the trend to continue as CLO managers look to save on costs.
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Barclays and Citi have begun syndication of the loan backing Adevinta’s purchase of eBay Classifieds, one of the largest EMEA M&A deals agreed this summer. The banks are marketing €1.33bn of term loans, with a bond deal to follow shortly.
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