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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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Ronshine China Holdings, a Hong Kong-listed company, has teamed up with a syndicate of banks for a HK$815.5m ($104m) three year loan. -
Market players speaking on a panel on day two of ABS East were sounding the alarm on the possibility that a wave of downgrades could hit CLO collateral over the next three years, testing the market’s ability to withstand an influx of triple-C loans.
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Deutsche Bank managed to syndicate the maximum amount possible of its loan against a UK shopping centre, where one of the largest tenants is troubled department store Debenhams, defying a deep gloom about retail in general and the UK economy ahead of Brexit.
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CLO managers are rushing to reset their deals because they can no longer find enough loans with covenants to buy. European CLOs issued as recently as 2017 require up to 20% of loans to feature maintenance covenants, which are almost never seen in the European market now.
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UK tour operator Thomas Cook’s default could come close to annihilating the bondholders’ positions, leaving them only with a few cents on the euro, the liquidation analysis shows. The 178-year-old company tried feverishly to secure a £1.1bn rescue package over the weekend but collapsed on Monday.
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SMBC has made two additions to its London desk for syndication origination in structured finance.
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