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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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Oil company Hilong Holding has defaulted on a dollar bond that matured on Monday, after failing to drum up enough support for an exchange offer that was extended multiple times. -
Taiwan-based notebook computer maker Inventec has changed the structure for its loan return to prepare for the expected discontinuation of Libor at the end of next year.
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Philippine fast food operator Jollibee Foods Corp made a quick return to the dollar market on Thursday, attracting investors to its dual-tranche bond despite the impact the coronavirus has had on its business.
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In the GlobalCapital poll for our 2019 US Securitization Awards, Golub Capital with Morgan Stanley as arranger of the Golub CLO 45(M) deal nabbed 28% of the votes, taking first place among the four deals nominated. Golub Capital has a 15-year track record of managing CLOs and has been the leading middle market CLO issuer by volume for each of the last seven years, according to Creditflux data. This is Golub Capital’s seventh award in the past seven years for recognition in the CLO space.
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The months since the coronavirus outbreak have proven to be an extremely turbulent time for European and US CLOs, bringing a new crisis in corporate credit, rather than in the banking sector as in 2008. Managers in both geographies are working hard to steer their deals through uncharted waters, testing new structures and deal formats. By Tom Brown and Paola Aurisicchio.
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Deutsche gives Toomey position as head of new group — Gimpel leaves Citi, has fintech idea — Moelis hires Whelchel for private capital team
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