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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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Commercial banks are in the driving seat for the highly levered financing of Cinven and Astorg’s purchase of testing business LGC Group. Regulatory issues are said to have kept some US banks away from the deal, but others question whether a large revolver commitment had more of an impact. -
The syndicated loan market’s shift from Libor to risk-free rates has come under further scrutiny. Law firm Dentons released a report on Wednesday that highlights significant parts of the changeover that remain unresolved.
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Fixed income investors are eager to close the books on a strong year for returns in high beta credit, and are sitting on their hands, hoping to avoid a repeat of the ugly end to 2018. But still the debut borrowers come.
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Three Chinese property names hit the bond market on Tuesday, raising a combined $1.624bn in a mix of senior and subordinated trades.
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CVC-backed financial technology firm Sisal Pay is marketing a €530m issue of senior floating-rate notes to finance a merger with Intesa Sanpaolo-owned Banca 5’s payments business. The new venture is aiming to be the next Nexi, another Italian fintech star that listed recently and has had success in the high yield bond market too.
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Polite, sincere, with a swift wit, David Pepper had a huge presence in Europe's syndicated loan market.
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