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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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Kansas-based CLO manager Palmer Square Capital Management is expanding its credit business into Europe. -
The US Alternative Reference Rates Committee (ARRC) has updated its reference rate guidance for the move away from dollar Libor that removes the need to get a lending syndicate’s consent. But trade bodies on both sides of the Atlantic do not agree on the details, writes Mike Turner, and some lawyers claim that major issues still need to be addressed before the ARRC-recommended method can work.
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Fives, the French industrial equipment group, has signed a €200m loan backed by the state, as government-backed facilities continue to prove essential to tackling the economic fallout from the coronavirus pandemic.
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Samson Paper Co has breached two covenants on a HK$780m ($100m) loan from 2017, with lenders still waiting for more information from the company.
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Greenland Holding Group Co met its $650m size target for a bond on Wednesday, pairing the dual-tranche outing with a tender offer for its maturing notes.
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More CLO managers are including the applicable margin reset (AMR) feature in new deals, broadening the use of the alternative method of repricing CLO securities since it was first tested at beginning of this year.
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