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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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Pre-Covid CLO structures are making a gradual comeback as managers rush to market ahead of the election, with a deal from New York Life Investment Management arranged by Jefferies priced with a traditional five year reinvestment period. -
The European Union’s formation of its Platform on Sustainable Finance last week marks a new phase in responsible investing. Over the past four years or so, the most influential thinkers in the market, such as the Principles for Responsible Investing, have been quietly moving back to an older interpretation of what RI means: considering the effects of investment choices on others.
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New York-based Churchill Asset Management, an investment specialist affiliate of Nuveen, has hired Kelli Marti as managing director and CLO portfolio manager to boost the firm’s middle-market CLO business.
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Cineworld announced on Monday it was closing all of its 536 Regal Cinemas in the US and its 127 Cineworld and Picturehouse venues in the UK from Thursday, adding urgency to the company’s search for enough liquidity to see it through the Covid-19 crisis in cinema.
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Friday’s confirmation that the Issa brothers, backed by TDR Capital, had won the auction for UK supermarket Asda, catapulted them into the super league of borrowers in European leveraged credit — the handful of entrepreneurs whose appetite for debt surpasses market appetite to lend to a single capital structure.
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Indonesian property company Alam Sutera’s move to kick off an exchange offer last week to stave off pressing financial concerns was met with ratings downgrades from two of the three global ratings agencies.
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