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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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Six Chinese real estate issuers — mostly high yield — flooded the dollar bond market on Monday with one to four year tenor deals. Investment grade rated China Vanke Co, on the other hand, tapped the longer end of the curve with a dual-tranche issuance. -
Spanish paper company Lecta moved closer to its restructuring on Friday, as the majority of its bondholders signed a lock-up agreement to swap debt for equity. The deal replaces €600m of 2022 and 2023 notes with new senior and junior notes and equity in the company.
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Be-Spoke Capital has mandated NatWest Markets and JP Morgan for Alhambra SME Funding 2019-1, a year after market volatility in the fourth quarter of 2018 led the issuer to shelve its first attempt at the securitization.
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Citi is leading a $2.215bn dual currency PIK toggle issue for packaging company Ardagh, refinancing existing PIK and PIK toggle issues after the firm span out its metal packaging business — and making it easier to sell shares in the tightly held group to the market.
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The $166.3m loan to support Blackstone Group’s Essel Propack acquisition has been oversubscribed, with 10 participants joining during general syndication.
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Adira Dinamika Multi Finance, an Indonesian motor vehicle financier, is making a quick return to loans, seeking its second offshore borrowing this year.
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