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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 coronavirus crisis is shaking up companies' financing arrangements in the most drastic way since the 2008-9 financial crisis, as firms strive to secure liquidity for what are likely to be many tough months. So far there have been only a few high profile cases of companies drawing down revolving credit facilities, but this is expected to grow, as long-established norms crumble and new patterns emerge. -
Chinese issuer Shandong Ruyi Technology Group Co missed an interest payment on a Rmb1bn ($143m) domestic bond on Monday, just days after holding a bondholder meeting.
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Xinjiang Guanghui Industry Investment (Group) Co has priced $59m of new bonds as part of an exchange offer. It received lukewarm response for the transaction, with existing investors of less than a fifth of the original deal agreeing to roll over.
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Ping An Bank has stepped up in the offshore loan market, launching its first deal on a sole basis for Shandong Energy Group.
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Hong Kong financial services firm Sun Hung Kai & Co has returned to the loan market after nearly four decades for a HK$500m ($64m) deal.
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The high volume of bids wanted in competition (BWIC) registered last week in CLOs dropped on Monday as credit instability increased and investors asked for greater protections as Libor craters.
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