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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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Zhongliang Holdings Group Co, the Chinese high yield property company, returned to the dollar bond market on Friday, adding $100m to its coffers in a tap of its maiden 2021 bonds, issued only the week before. -
Beijing Hongkun Weiye Real Estate Development Co sold a three non-put two year bond on Friday last week with one of the highest yields Asia has seen this year.
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A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.
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Aston Martin printed a $150m senior secured private placement (PP) this week at a racy yield of 12%. But some investors felt was more like an equity raise — stirring memories of the firm’s torrid IPO in October. S&P showed no mercy at the iconic carmaker swelling its leverage, cutting its credit rating to triple-C. The firm is now placing its future in the hands of a new luxury SUV.
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UBS, Hermes and Federated are hunting investors for two SDG Engagement High Yield Credit funds, which will seek to make meaningful social or environmental impacts, as well as market-beating returns.
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Jesus Rio Cortes, a managing director at Bank of America Merilll Lynch in the EMEA securitization group, has joined Apollo Global Management.
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