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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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The UK’s DFS Furniture is in talks with its lending group for an additional credit facility of up to £70m to sit alongside the sofa seller’s main bank line, as companies continue to lean heavily on their lenders to get them through the worst of the coronavirus pandemic. -
Lenovo Group took a cautious approach to its $650m bond issuance last Friday, opting for size instead of price and offering investors a hefty premium for its deal.
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Chinese property firm Country Garden Holdings Company is wooing lenders to a $140m loan to support its investments in two start-ups.
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European capital markets have continued to function well during the coronavirus crisis, according to a report released on Monday by the Association for Financial Markets in Europe (Afme). However, in terms of primary market activity, the industry body’s data shows quite how sharply issuance has skewed towards investment grade, with riskier debt and IPO markets closed off.
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The UK government has filled one of the last gaps in its offer of financial help to companies struggling with effects of the coronavirus, by removing the cap of £500m revenue, which had barred many medium-sized companies from accessing government loans — raising the possibility that high yield bond issuers could tap loans for a variety of purposes.
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ArcelorMittal, the steel company headquartered in Luxembourg, has signed a $3bn new loan facility with four banks.
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