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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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Bonds issued by Spanish gambling company Cirsa have rallied on expectations of support from owner Blackstone, after it disclosed on its investor call that affiliates of the private equity firm had bought €120m of its PIK notes in the market — even though the purchase does nothing to boost the firm’s liquidity profile. -
Swissport, the baggage handling and air cargo group, is asking bondholders to allow it to add €380m of super-senior debt above its existing senior secured bonds and loans, secured by the same collateral but with a priority claim.
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Syndication of the £4bn bridge loan backing the merger of UK mobile phone company O2 — owned by Spanish telecoms giant Telefonica — with Liberty Global’s Virgin Media cable business was signed on Thursday.
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Nomura is eyeing acquisitions and a change in chief executive promises a reboot of its investment banking ambitions, writes David Rothnie.
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Fantasia Holdings Group Co nabbed $300m from a bond sale on Wednesday, making it the latest high yield Chinese property borrower to dip into the offshore market.
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Some of the largest investment banks made 12% less revenue from lending in the first quarter, despite balance sheet expansion as they supported companies, according to research from analytics firm CRISIL Coalition.
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