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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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Nokia has launched a €1bn dual-tranche issue and a tender offer for a bond maturing next year, sucking up a higher funding cost to push out its term structure. Leads started wide but cranked the bonds in, with a 60bp move from initial price thoughts (IPTs) on the back of nearly €6bn of demand. Despite the swathe of downgrades hitting crossover issuers since the coronavirus crisis broke, the Finnish tech company is still planning to regain its investment-grade status in the next years. -
Melco Resorts & Entertainment has closed a HK$14.85bn ($1.9bn) revolving credit facility to refinance an old borrowing maturing this June.
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Cambodian micro finance company Amret has closed its debut loan after attracting six participants during syndication.
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Loans bankers and borrowers are increasingly spending weeks, if not months, negotiating over pricing, as the gap between their expectations grows wider amid Covid-19 disruptions.
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Guggenheim Partners has priced a €281.65m European CLO, Bilbao CLO III, the fourth manager to come to market since the Covid-19 crisis began.
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Direct lending funds are likely to be the best choice for sponsors looking to fund buyouts this summer, with investment banks still sitting on substantial bridge books, and simplicity and certainty of execution being the top priorities.
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