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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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European CLOs are once again being marketed to investors with single-B tranches, after widening spreads forced most managers to exclude them from recent deal structures. Hayfin Capital Management has mandated Goldman Sachs for its fourth deal in Europe, roadshowing alongside CBAM’s Montmartre Euro CLO 2020-2, with both deals offering single-B notes. -
Austrian sensor maker AMS has added €200m and $50m to its July 2025 notes, taking the total to €1.25bn. The debt raise is intended to refinance a €2.77bn bridge loan, of which €1.47bn is drawn, used to buy Munich-based lighting maker Osram.
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The Australian short seller, John Hempton of Bronte Capital, told investors that the profits his hedge fund Bronte Capital made on Wirecard’s collapse will not make up losses incurred during his lengthy short of the German payments company. It was an illustration, he said, of the dangers of betting against frauds and highlights the importance of risk management.
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Chinese car manufacturer Great Wall Motors has paid up for its return to the loan market for a $440m-equivalent dual-currency deal.
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Asia’s dollar bond market shows no sign of slowing down, after a flurry of deals were announced on Monday.
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Chinese issuers continued to bombard the dollar bond market on Thursday. Hangzhou Financial Investment Group Co, Yankuang Group Co and ZhongAn Online P&C Insurance were among those that sold deals.
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