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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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Chinese property companies Times China Holdings and Golden Wheel Tiandi Holdings Co took a combined $470m from the bond market on Monday. -
Agile Group Holdings, a Chinese property company, is planning to launch a HK$3.242bn ($418m) refinancing loan into general syndication in early July.
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Zhejiang Changxing Financial Holdings Group Co opted for a club-style execution for its $160m maiden international bond on Monday.
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Chinese property developer Country Garden is in the process of finalising the bookrunner group for a $1.5bn loan, with bankers already confident the deal will see strong interest from lenders.
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CLO managers are in talks with banks in hopes of opening new warehouses in coming weeks, paving the way for a new wave of post-Covid CLO issuance — though firms will be emerging into a markedly more difficult environment, sources say.
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ThyssenKrupp Elevator (TKE) is a deal of superlatives: the largest European high yield debut, the largest European LBO in over a decade, the last LBO before coronavirus, the most levered debut industrial, and the worst-ever covenant package — or at least, it was at first. Three days after launching the bond leg of the deal, the sponsors and leads capitulated, erasing almost every controversial term in the docs — perhaps the largest ever retreat and the biggest investor victory in the long-running war over bond covenants. But it’s too soon for investors to celebrate, as the episode only highlights how damaging this conflict has become.
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