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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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The Federal Reserve is unlikely to take US interest rates into negative territory, preferring to embark on another round of quantitative easing to stave off a recession, speakers said at ABS East on Tuesday. -
French laundry firm Elis launched a dual tranche bond issue on Tuesday, achieving a coupon of just 1% for a high yield-rated issue, and stacking up a book of over €2bn.
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Metro Bank’s failed senior non-preferred bond is rated BB+, squarely in high yield territory. But while corporates with this rating print at ever tighter yields, Metro couldn’t get its deal away even at 7.5%. Nobody expects the rating agencies to be in line with the market, but sometimes the gulf is yawningly wide.
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Shares in EQT, the Swedish private equity firm, popped 25% on day one after its IPO was priced on the Nasdaq Stockholm on Tuesday — after what sources called a “targeted” IPO process.
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Natixis has become the first bank to introduce a green weighting factor to its internal capital model, so that the way it prices loans is skewed to favour environmentally sound assets and disadvantage polluting ones. The ground-breaking move brings to fruition an 18 month project and anticipates what some believe may one day be demanded by regulators.
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Two Chinese companies tapped dollar bond investors on Monday. One of the most active issuers this year, Zhenro Properties Group, came out with an aggressively priced $300m transaction, while a district-level government financing vehicle sold its debut offshore deal.
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