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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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Some CLO managers in Europe are discussing new warehouse lines, paving the way for the CLO primary market to restart after pre-Covid deals are cleared. Counterparts in the US, meanwhile, are riding a wave of optimism that will likely take the market back to pre-pandemic pricing levels over the summer. Owen Sanderson and Paola Aurisicchio report. -
Chinese online marketplace 58.com is seeking a $3bn loan for its take-private from the Nasdaq. The company is relying on Chinese banks to raise the money, but several told GlobalCapital Asia they were not interested. Pan Yue reports.
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Chinese property companies continued to pile in to the dollar bond market on Wednesday, with Radiance Group Co and Powerlong Real Estate Holdings using up their remaining fundraising quotas.
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The debt restructuring at China’s Peking University Founder Group is set to be a test case for offshore bonds backed by keepwell agreements, a structure often favoured by many mainland borrowers. The outcome of the restructuring looks set to influence the use of keepwell structures ─ and how these deals price.
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Sweden’s EQT, the private equity company, has signed the largest ever ESG-linked subscription credit facility, raising hopes that the structure could become more common among PE firms.
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BlueMountain Capital Management is readying a "print and sprint" CLO, joining a handful of managers that have opted for a speedier deal execution in the Covid era.
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