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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 state-owned commodity chemicals producer Shanghai Huayi (Group) Co has sold an almost 10 times covered five year bond, while Yuzhou Properties Co raised $500m to fund a tender offer. Two local government financing vehicles also made their offshore debuts. -
Bain Capital-backed market research business Kantar showed this week that investors still have some bite in the high yield market. Buyers forced the issuer to flex numerous covenants, tinker with the tranches, delay the issue and consent to unusually juicy coupons. The deal may not be a sign of things to come, however, as Crown waltzed through its bond launch, setting a new low coupon record for a fixed rate bond.
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James Janoskey will head up JP Morgan’s investment banking activities for energy in Europe, the Middle East and Africa.
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France’s FFP issued a €300m no grow seven year debut bond on Wednesday, marking a rare market outing from an unrated French credit this year.
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High grade corporate bond investors found themselves in a tricky spot this week with issuers entering an earnings blackout period just as the European Central Bank has added a huge technical bid in the form of its asset purchase scheme.Meanwhile, the macroeconomic picture is starting to look increasingly frayed at the edges for debt markets.
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JP Morgan has appointed Alex Watkins as head of equity capital markets for the UK, replacing Nicholas Hall. Meanwhile, the bank has picked a new head of its consumer and retail sector coverage team for UK investment banking.
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