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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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Altice France leapt straight into the market after Friday’s surprise announcement that owner and founder Patrick Drahi would be taking the company private. Research from Federated Hermes shows that the credit spread premium for a private company has dropped to virtually zero for the first time in 20 years.
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French visual effects and digital services company Technicolor has finished a €330m recapitalisation as part of its efforts to exit from bankruptcy proceedings. -
Dutch DIY group Maxeda launched a refinancing this week which pushed up its rating, after it took out its 2022s with new 2026 bonds, taking any liquidity constraints for the triple-C rated chain firmly off the table. Despite the pandemic, the retailer has been successfully deleveraging, helped by a boom in home improvements during lockdown.
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Schuldschein arranging banks have long claimed to be the market's gatekeepers as far as borrowers looking for access are concerned, rejecting lower quality credits to keep the standard high. As the market expanded in recent years and a richer variety of companies borrowed from it, this became a less convincing claim. But as the coronavirus pandemic rocks Europe, Schuldschein bankers say they have declined several requests from companies from risky sectors.
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Hong Kong Broadband Network is enticing banks to a HK$5bn ($645m) loan by offering them a juicier margin than previously.
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Singapore’s Farrer Park Co has become the latest company from Asia to tap the green loan market, raising a S$200m ($147m) facility from United Overseas Bank.
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