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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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Bank lenders are trying to reach an agreement with scandal-rocked Wirecard to renew as much as €2bn of loans, after the beleaguered German payments company breached its terms on Friday when it failed to produce audited financial results. According to several sources familiar with the situation every lender needs to sign off on the new deal, otherwise Wirecard may have to pay the entire loan back. -
Banks sitting on the €8bn of bridge loans to finance Advent and Cinven’s takeover of ThyssenKrupp Elevator (TKE) have finally launched the first part of the deal into public syndication, with the announcement on Monday of a €3.05bn euro and dollar term loan 'B'.
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GoldenTree achieved the lowest senior coupon and the largest post-Covid size for its new CLO on Friday, issuing a €374m deal at 155bp through lead arranger Morgan Stanley. The deal comes as leveraged loan primary supply hots up again, pushing managers to term out their warehouses and get ready to buy in size.
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After weeks of slim pickings in high yield and leveraged loan capital markets, Monday brought a flood of new issue announcements, with MasMovil’s take-private loan, a multi-currency loan from cruise company Carnival, AMS’s bridge for the takeover of Osram, an add-on for IFCO, and a high yield debut in the morning. But that was all hors d'oeuvres to the main course: the long-awaited ThyssenKrupp Elevator bridge in the afternoon.
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German PVC window and door maker Profine was marketing its debut in the wholesale capital markets with a bond issue on Monday, after exploring options for a unitranche loan to refinance its main loan facility with Commerzbank, which matures at the end of the year.
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Chinese company Genertec Universal Medical Group has launched a $600m dual-currency loan into syndication.
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