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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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Swissport, the airport services company owned by HNA Group of China, successfully shaved 25bp off the cost of its term loan B in its recent repricing, in spite of a backdrop of increased fears about the coronavirus and its impact on the aviation industry. However, the deal was less of a slam dunk than other recent refinancings. -
Dutch equipment rental company Boels has launched a €1.61bn term loan B to finance the acquisition of Cramo, a Finnish rival. It is a rare chance for lenders to access a leveraged deal with maintenance covenants, a concession sponsors will no longer give but which some companies can still tolerate — though the huge headroom in this case means they are a minimal restriction.
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Investors flocked to Indian credits on Thursday, as UPL Corp and Muthoot Finance sealed new dollar bonds in a busy market.
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Three Chinese issuers visited the dollar bond market on Thursday, raising $1.2bn between them.
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The Central American Bank for Economic Integration is hoping to persuade the UK government to join it as a shareholder, holding out the prospect that UK companies building infrastructure in central America might be able to gain preferential funding on attractive terms now enjoyed by Korean firms.
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Golub Capital this week priced its first broadly syndicated loan CLO of 2020.
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