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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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Three European companies, one of them a high yield issuer, jumped into the corporate bond market on Friday, the first to test the waters after the European Central Bank's promise the previous day to top them up with another €600bn of liquidity through its Pandemic Emergency Purchase Programme (Pepp). They found overwhelming demand, leading to fast sales, an increase and deeply negative new issue premiums. -
Each week, GlobalCapital journalists share some of the most interesting things they have been reading, from the profound to the quirky. This week has been marked by widespread protests across the US and the wider world, in reaction to an unarmed African-American man, George Floyd, dying while a policeman knelt on his neck in Minneapolis.
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Zhenro Properties Group and Seazen Group took advantage of a lack of high yield dollar bond supply in Asia to raise $600m between them on Thursday.
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Bondholders in the now infamous EA Partners notes received more bad news this week when Air Serbia, one of the lenders from the special purpose vehicles (SPVs) warned that it could default on its obligations.
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The many challenges that come with steering CLOs through an unprecedented crisis is paving the way for a new era of legal disputes among players in the sector.
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CBAM Partners is the first manager to price a debut CLO in Europe since the Covid-19 pandemic began but market participants are worried about the lack of new warehouses opening, forecasting a drought ahead after the pre-crisis deals are termed out.
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