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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 local government has thrown a lifeline to Qinghai Provincial Investment Group Co, helping it pay off a dollar bond coupon a week after it was due. But more looming payment deadlines are set to cause the company a headache. Addison Gong reports. -
Finnish nuclear power company Teollisuuden Voima (TVO) got a warm reception from the investors on Wednesday, when it sold €550m of senior unsecured notes after a 20bp tightening from initial price thoughts.
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A flight to safety is underway leaving little support for the riskier bits of leveraged finance. A Finnish nuclear power company is, however, marketing a deal in the high yield bond market and one investor told GlobalCapital he expects to see others follow suit rather than tap the loan market.
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Unsecured creditors to German engineering firm Galapagos swooped in at the last minute on Friday to stop a sale of the business that would have wiped out their claims. One of the funds fighting this corner is the credit opportunities fund raised by former Deutsche Bank securitization boss Elad Shraga.
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Alteri Investors, backed by Apollo Global Management, is launching a second investment vehicle focused on the European retail sector, as it sees opportunities to invest in that troubled industry.
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US toymaker Hasbro is to take up on $3.6bn new debt to buy media company Entertainment One, acquiring porcine superstar Peppa Pig, among other brands, if rival bidders don’t scupper the deal. Hasbro may choose to pay a make-whole price to Entertainment One’s bondholders, who bought the company's issue less than three months ago, a research company predicts.
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