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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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Italian construction giant Salini Impregilo offered to exchange its 3.75% notes, due in 2021, to new non-call life senior notes, maturing in seven years. The €250m deal is set to be completed by Friday this week with initial price thoughts of 3.875% — indicating that Salini may have lost favour among investors and will have to pay extra to extend maturities. -
Ten more Asian issuers rushed to the dollar bond market on Monday, further adding to the record debt issuance seen in the region last week.
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Chinese liquefied natural gas supplier ENN Ecological Holdings Co has made its debut in the offshore loan market through Standard Chartered.
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Over 200 CLOs could be hit with losses as a result of a default by security and defense firm Constellis, according to Moody’s.
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Price discovery was in focus for a $400m debut bond from Philippine conglomerate Aboitiz Equity Ventures (AEV) on Thursday, as the unrated company brought out a rare 10 non-call five year senior deal from the country.
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Shriram Transport Finance Co appealed to investors in the US by selling a social bond that flew off the shelves, allowing the Indian non-banking financial company to raise $500m.
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