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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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Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking. But underwriters had already taken risk off the table by pre-placing the larger dollar loan, with GSO likely taking a piece.
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Banks backing Cinven, KKR and Providence’s take-private of MasMovil have boosted the size of the euro loan tranche in the market this week by €500m, cutting down the planned bond that will fund the remainder of the deal, the first major LBO announced in Europe since the coronavirus crisis. -
A long-running attempt by Chinese oil company Hilong Holding to complete an exchange offer on a dollar bond has failed, after it confirmed a default this week. The situation has caused analysts to speculate on how it could have executed its deal better. Alice Huang reports.
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Triple-A spreads on new issue CLOs hit 160bp this week, the tightest since the start of the pandemic, as GSO priced a $361m transaction arranged by BNP Paribas.
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Barclays has appointed two new chairs of its leveraged finance and sponsors business, with Chris Turner relocating to New York to become chairman of global leveraged finance.
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AMS had to discount its bond by an extra point and pay a higher coupon in the face of lower demand as it looked to fund the takeover of light maker Osram, after news broke last Thursday of a potential investigation into the company’s executives. That forced bookrunners to reopen the deal and take another swing at the market this week.
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