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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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A range of Chinese issuers, including two property developers and a local government financing vehicle, have raised funds from the dollar bond market. -
The private equity consortium behind the $3.4bn leveraged buyout of UK satellite company Inmarsat is testing the limits of investor patience with exceptionally aggressive terms for $1.125bn of senior notes, potentially leading the high yield market down a slippery slope.
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Adani Transmission, the Indian power transmission firm, has launched US private placements, according to several market participants, in a debut set to test institutional investors’ appetite for Indian risk.
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Sirius Minerals, the company that is building a giant fertiliser mine beneath the UK's North York Moors, faces up to six months of uncertainty after it failed to issue a $500m high yield bond that would have secured its financial future, and the UK government refused to provide support to the project. Karoliina Liimatainen and Aidan Gregory report.
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Permira Debt Managers has launched its fifth ‘Sigma’ structured credit fund, looking to buy CLO equity. Senior tranches in CLO vehicles have sharply tightened against Euribor as European rates have plunged deeply negative, but Euribor floors worth up to 50bp are increasingly determining the economics of the CLO business.
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European managers are lining up to sell a wave of new CLOs over the next few weeks amid market conditions which have recently soured for issuers seeking leveraged loan collateral.
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