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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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Chinese property company Agile Group Holdings wrapped up its bond issuance for the year on Monday, raising $200m from its fourth deal of 2019. -
Chinese dollar bond defaulter Huachen Energy missed another coupon this week, after two late interest payments in November 2018 and May this year as a result of a liquidity crisis at its onshore parent, Wintime Energy.
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EQT Credit has become the largest shareholder in former Charterhouse portfolio company Bartec, injecting €80m of new money alongside other creditors as part of the restructuring of €280m of debt at the Austrian explosion protection specialist — its second restructuring in three years.
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Struggling car manufacturer Jaguar Land Rover raised €800m from a dual-tranche bond this week, pricing both parts at the tight end of guidance despite an uncertain outlook for the UK auto sector and a deal structure described as "high-yield lite" by one credit analytics company.
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Bank of Ireland has opened a Madrid office for its leveraged and acquisition finance business, to be headed by Beltran Paredes, the former head of Rothschild’s debt advisory business in Spain.
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More than a decade after the financial crisis, and with leveraged loan growth under the regulatory microscope, only two CLO 1.0 deals rated by S&P Global Ratings remain outstanding, with only 21 tranches defaulting since 1997.
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