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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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Several CLO issuers have been sounding out the European sector in recent days in the hope of issuing a deal, with Permira Debt Managers and Oaktree Capital both said to be marketing transactions. -
Hellman & Friedman-owned alarm company Verisure announced a new European high yield bond on Thursday, the first after a drought of more than seven weeks. The deal is a conservative place to restart high yield primary markets, but bankers said there is appetite for more challenging issuers to come.
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Banks have been building their financial sponsor coverage teams on a record period of deal making. Now they have a different fight on their hands, but bankers are playing down the threat of a 2008-style meltdown, writes David Rothnie.
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Synthetic risk transfer deals from Deutsche Bank, Santander and Standard Chartered have been seen changing hands, as certain credit funds look to free up cash by selling assets that have drastically outperformed equity and junior debt in leveraged loan CLOs. Risk transfer deals are often bilateral and privately negotiated, with little or no public reporting, and usually held to maturity by the specialist funds that buy them.
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Several investors have told GlobalCapital of their concern for the outlook of UK universities as borrowers. They worry that the spread of coronavirus will hit revenues, lower the demand from international students and may in the end hasten a shift towards remote learning.
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Christopher Mallon has joined Lazard’s financial advisory team as a senior adviser concentrating on global restructuring, at a time when that line of business is likely to become very busy.
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