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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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Telepizza bonds sold off by around 30 points on Monday on news that the company had appointed restructuring advisers, available liquidity was sharply lower than the market had expected, and the company needed around €100m of new money to stay in business — slightly less than the €130m dividend it paid last year after KKR took the Spanish pizza chain private. -
China’s Zhongyu Gas Holdings has launched a $300m refinancing loan into general syndication.
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The Ministry of Finance of the Lao PDR has returned to the loan market for a new financing of $50m.
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Spreads on triple-A CLOs are tightening, with investors predicting a snap back to pre-pandemic levels this summer.
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KKR, Cinven and Providence Private Equity have launched the first post-Covid take-private LBO attempt, targeting Spanish telecommunications company MasMovil with a €3bn takeover offer at €22.50 a share, giving the company an enterprise value of around €5bn. Barclays, BNP Paribas and Morgan Stanley have underwritten the financing for the buyout.
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Chinese real estate developer Sichuan Languang Development Co rushed into the market last Friday with a dollar deal, to avoid any market fallout over the weekend from rising tensions between the US and the Mainland.
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