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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 of Europe's biggest corporate bond issuers have yet to fund in the market this year, despite the flood of deals as companies hoover up cash to see them through the coronavirus crisis. Vodafone, Electricité de France, Enel and Bayer are among firms yet to issue. However, more of the gaps are being filled up every day. -
Companies in sectors that lack government support packages are having to weigh moving quickly to secure costly private-sector rescue capital against waiting and hoping governments extend existing bailout or liquidity schemes to them. The cost of Carnival Corp’s $6.25bn package last week showed how expensive private sector cash can be, but many sectors’ prospects of receiving public money are better than the Panama-domiciled cruise company.
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Schuldschein bankers are working out what pricing is fair during the Covid-19 crisis, as investors observe sharp widening in euro bond spreads.
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Zhejiang Geely Holding Group, a Chinese auto company, is in talks with banks for a new loan to support a planned restructuring.
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GSO issued a static CLO at the end of last week, hitting play after a 23 day pause in the primary market.
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According to data from the European Securities and Markets Authority, new trade receivables securitizations are still being regularly financed by banks through their asset-backed commercial paper (ABCP) conduits, with market participants saying that lenders remain open for business — for existing clients only.
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