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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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Richie Revill, formerly at Barclays, has joined the boutique Asian investment bank SC Lowy as head of markets for Europe.
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The slowly reopening European high yield market faced another test on Tuesday, following Sappi’s decision to pull its planned issue at the end of last week. Data centre and cable network firm Cogent was raising an B3/B- rated add-on in order to pay a dividend. The company is too leveraged already to allow a dividend under its existing bond docs but is using a "temporary deleveraging" and escrow structure to work around them. -
The Treasury announced on Tuesday an extension to the Coronavirus Large Business Interruption Loan Scheme (CLBILS). From May 26 certain businesses can apply for loans up to £200m under CLBILS but there are restrictions on dividend payouts and management pay rises.
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Chinese investment banks have a clear edge over their global counterparts when it comes to winning more offshore bond mandates from the country in the post Covid-19 environment.
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Singapore hard disk drive company MMI International has sent out extension requests to lenders on a $580m loan, as it struggles to make the outstanding payment on time.
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Spreads on triple-A CLO paper hit their tightest levels since the pandemic began with a deal priced last Friday, as investors report renewed confidence in the highest rated portions of the CLO capital stack.
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