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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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Despite the agony of Brexit, the UK has been making impressive strides in turning away from climate change. The government's new Green Finance Strategy is the latest. It goes in the right direction, but unfortunately is less a leap, more a shuffle. -
Pension insurance company Ilmarinen, one of the largest investors in Finland with €47.4bn under management, is welcoming the nascent trend of sustainable loans, as it scans the market for instruments that create benefits for its whole portfolio.
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CIFC Asset Management’s debut European deal, which was priced on Monday through Deutsche Bank, shows the slim premium required for new issuers in the European market — despite increasing fears that the manager landscape is becoming crowded.
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Bond investors will have a chance to give a further indication of their appetite for Argentine risk as Pampa Energía looks to follow in YPF’s steps and continue to reactivate the primary markets from the country.
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Finnish stainless steel producer Outokumpu has signed a €400m sustainability-linked term loan, used mostly for refinancing its short term debt, and featuring margin cuts if the company hits targets linked to workplace accidents and carbon emissions. It's a step forward in a leveraged finance market that has so far taken only tentative steps towards sustainability.
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European leveraged finance revenue for the first half of the year is down more than 50%, according to figures from Dealogic released on Monday — and is increasingly going to a small handful of banks, in particular JP Morgan.
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