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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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Leveraged credit markets are powering ahead with a jam-packed issuance calendar, despite a wobble on Monday when credit indices widened a little on fears about the coronavirus epidemic. On Tuesday spreads firmed up again, though, and bankers bringing new issues have barely broken a sweat all week.
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Gulf Stream Asset Management has returned to the CLO market with its first deal since the financial crisis, selling senior bonds at 137bp over three month Libor on Tuesday. -
UPC, part of Liberty Global’s European telecoms empire, is marketing dollar and euro term loan ‘B’s to pay off a $1.14bn issue of 5.375% senior secured notes. The refinancing comes only a few months after Sunrise cancelled its takeover of UPC’s Swiss business — to the disappointed of Liberty.
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Intermediate Capital Group, the UK alternative asset manager rated BBB by Fitch, is in the market for a seven year euro bond on Tuesday, according to two bankers away from the deal.
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Alternative asset management firm CIFC has hired a team from Millennium Management to build out its high yield business, as the firm continues to expand the products on offer from its starting point of leveraged loan investments.
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Jens Lindqvist and Brough Ransom have moved from N+1 Singer to Investec to cover healthcare.
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