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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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Powerlong Real Estate Holdings received huge support from investors for its $200m bond on Monday. The deal’s modest size and expectations of limited imminent supply from Chinese property credits helped the firm get away with a negative new issue premium of about 10bp. -
Chinese property developer KWG Group Holdings returned to the bond market on Monday, taking $200m at a level that was inside of fair value estimates from analysts.
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Ducenta Squared Asset Management recently obtained the management contract for a CLO managed by Tortoise Credit Strategies, a firm that Ducenta acquired in April, according to a source familiar with the purchase.
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The Vanguard Group, the US asset manager which pioneered low cost, index-tracking investment, has sold $3bn worth of private placements. According to GlobalCapital data, this deal is the largest ever recorded in the US private placement market.
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Citi has hired Florent Chagnard from Credit Suisse to head European CLO syndication in the firm’s London office, according to sources familiar with the situation.
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Taiwan’s Cheng Loong Corp, a paper maker, has closed syndication of a $130m borrowing with nine banks.
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