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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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Zhenro Properties Group returned to the dollar bond market for the seventh time this year on Tuesday, tapping one of its March transactions for an additional $110m. But the market presented a whole different set of problems for the borrower this time round. -
A Barcelona-headquartered paper company wants to focus on higher-margin specialist papers but it is floundering to find the money needed for a turn-around after the European Union delivered a blow that sent its bonds sliding.
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Burford Capital, the litigation funder, is under pressure over how it accounts for an obscure type of asset and how it finances its business using debt. In many respects it is a unique case, but it is a debacle fuelled by quantitative easing. With more of that on the way, pushing investors into ever more esoteric asset classes in the quest for yield, there will be plenty more businesses under scrutiny.
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CLO managers are still able to refinance deals in the European market, but analysts said such deals will soon be replaced by a raft of new issuance. The buy-side is also diversifying as investors flee negative yield rates in other market sectors.
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MGM China has raised a HK$9.75bn ($1bn) unsecured revolving credit facility with a group of 13 lenders to repay its old secured borrowings.
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Volatility has hurt secondary spreads and primary deal flow in the Asian bond market but really it is no bad thing. A quiet month is just what the market needs after an overwhelming amount of supply so far this year.
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