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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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Existing shareholders were shown no mercy as Thomas Cook’s creditors and Chinese conglomerate Fosun reached an initial £900m agreement to recapitalise the company and divide up the assets. The creditors get most of the healthier airline business, while Fosun takes the bulk of the declining package holiday business. -
Europe’s patchwork of insolvency laws gives canny corporates and creditors the chance to pick the jurisdiction they want to use. That leads to absurd outcomes — and the sooner it ends, the better.
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Nordic broker Pareto Securities is looking to capitalise on the growth of the Schuldschein market and the instrument’s increasing popularity in its native region by advising and arranging transactions itself. But some traditional market players fear the Oslo-based firm’s association with high yield borrowers is a cause for concern. Silas Brown investigates.
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The European high yield bond market was built on telecoms companies, but in the last month their share has shrunk, as several have shored up their capital structures ahead of the heavy financial lifting set to be required for 5G infrastructure. More than €10bn of high yield bonds are likely to be repaid, leaving investors sitting on piles of cash going into September.
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Swedish private equity firm EQT is likely to bring its IPO to market before the end of the year, joining a host of high quality European listings.
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Korean Air Lines Co returned to the policy bank-guarantee structure for its latest offshore bond this week, raising $300m at a favourable price.
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