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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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Sound Point Capital has rapidly expanded its euro CLO platform with a third deal in less than 10 months, speeding ahead of last year’s other market debutants — most of which are yet to print a second deal in euros. The credit manager has access to equity investment through a deal with Canada’s CPPIB pension fund, which may have helped its swift growth. -
VodafoneZiggo is marketing a €1.36bn refinancing from its holding company, seizing the chance to lock in tightly priced subordinated debt for a decade. The company is offering euros and dollars in 10 year unsecured format, with five year call protection.
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Carnage in Chinese stock markets apparently has little read-across to European speculative grade credit. Leveraged loan and high yield markets are still wide open, meaning issuers that can refinance are well advised to do so.
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Asia's dollar bond market reopened on Wednesday amid volatility around the rapid spread of the novel coronavirus. But debt bankers in the region are cautiously optimistic about the state of the market.
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The Loan Syndication and Trading Association this week released a questionnaire for leveraged loan borrowers on their environmental, social and governance policies, seeking to give loan investors more insight into the importance of ESG practices among corporate borrowers.
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Man GLG Euro CLO VI on Monday printed triple-A notes at 90bp, a new senior tranche tight for 2020 — but with a shorter reinvestment period than its peers. The deal was at first slated for last year, with the original warehouse set to expire in December, but the manager pushed into 2020 and benefited from a broad market rally — and from splitting the equity tranche.
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