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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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Sector Alarm, the Norwegian-based home security company, is looking to reprice its leveraged loan debut from last year, cutting the margin on the €590m facility from 350bp at issue down to 300bp-325bp. The move follows a wave of loan repricings and refinancings from some of the largest issuers, as credit markets continue to tighten despite increased jitters around global growth and the spread of coronavirus. -
Francis McCullough, former managing director and global head of new issue CLOs at Deutsche Bank, has joined Sound Point Capital Management as the firm's global head of CLO capital markets and structuring.
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Credit Suisse has started general syndication of more than $5bn of debt funding EQT and Digital Colony’s acquisition of Zayo, one of last year’s largest LBOs. The dollar market will take the lion’s share of the acquisition loan, with $4.235bn of first lien on offer, but even the euro tranche is substantial, at $825m-equivalent.
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European high yield is still moving fast ahead of next week’s SEC deadline, which will see earnings numbers for the third quarter 2019 go ‘stale’ and force issuers to market deals on their Q4 figures. Monday brought three more mandates for more than €2bn in total, on top of a roadshow already announced for Fedrigoni.
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The first ever refinancing of a CLO via an applicable margin reset (AMR) auction was a success this week, with BNP Paribas among the winning bidders, trading 73% of the total CLO, according to sources familiar with the matter.
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The Gabonese Republic pulled in more than $3bn of demand on Thursday for a $1bn 10 year bond that some observers saw as having been priced flat to its curve.
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