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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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CapVest has cancelled the planned sale of Curium Pharma, as market conditions wrecked the investment appetite of the three final round bidders and banks cut financing commitments. It was one of the larger M&A financings slated for syndication in the second quarter, but with the Crossover index now trading over 650bp, compared with close to 200bp when first round bids were due, the three sponsors in the final round would have struggled to get a deal away. -
Cambodia’s Prasac Microfinance Institution has returned to the loan market for a $75m deal amid an ownership change.
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China Huiyuan Juice Group is contemplating a restructuring to improve its liquidity position, after failing to avoid a bond default due to the Covid-19 outbreak. The company is also facing a delisting from the Hong Kong Stock Exchange.
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An expected wave of defaults in corporate credit is driving stress in the CLO space, spurring some in the market to begin internal discussions to make their pitch to the government for greater protections.
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Intesa Sanpaolo will provide Italian companies with €5bn worth of new one to 1.5 year loans, and offer an additional €10bn of debt to customers through existing credit lines, to help steer the nation's economy through the Coronavirus crisis.
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Since the financial crash, the crucial part of relationship banking has been pretty straightforward: offer borrowers cheap cash and become a core lender, then pitch for ancillary business. But the disastrous effects of Covid-19 on corporate finance mean that cozy relationships will be tested, with companies under pressure and in serious need of extra cash. We’ll soon know which relationships were real and which were not.
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