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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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China Aoyuan Group was back in the dollar market on Tuesday, adding another $250m to its 2023 notes. -
Dexin China Holdings Co found limited interest for its debut dollar bond, despite paying a generous yield to get the deal done.
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A refinancing package of €1.23bn has lifted some pressure off Swiss aviation services company Swissport and driven Moody’s to change its ratings outlook on the company from negative to stable. Parent HNA has had a fire sale of assets to combat a cash crunch, and a new portability clause is likely a sign of its desire to exit from the Swiss firm.
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US CLO managers priced three new deals totalling $1.21bn last Friday, bringing to a climax a week in which a total of $4.6bn in new paper hit the market.
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Cobham, a UK aerospace and defence supplier, could soon change owners as private equity firm Advent plans to finance its £4bn acquisition with £2.517bn equivalent of interim loans. The latest public-to-private buyout is on shaky ground, jolted by a looming bidding war, possible regulatory intervention and reluctant shareholders.
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The London Stock Exchange Group declared on Monday it is interested in buying market data and infrastructure firm Refinitiv for $27bn, a purchase that would give it added clout in data and analytics. Refinitiv’s bonds — notorious in the high yield market for their structure — and LSEG’s shares moved up on the news.
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