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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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Xi'an Municipal Infrastructure Construction Investment Group Corp has sealed a seven times subscribed bond to refinance an upcoming maturity. The deal was the first to price after China announced measures to curb local government debt by restricting new offshore issuance from their financing vehicles.
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Singapore’s Marina Bay Sands is seeking a total of S$4bn ($2.9bn) from the loan market, while also planning to extend its 2012 borrowing.
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FRANKFURT PRIVATE DEBT ROUNDTABLE The Schuldschein market has kept up its momentum across Europe and elsewhere, but two regions have been curiously quiet. Iberia and Italy have implied investment grade borrowers well suited to the market, yet only a few have been tempted to use it. Are there barriers to entry and how can they be overcome?
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Europe’s private debt markets are progressing admirably. More and more companies are issuing, or at least aware of the possibility — and they have a varied choice of markets. Players in the Schuldschein and US PP markets are confident and looking ahead to new opportunities, as the products grow in geographical reach, asset class and technique. As Jon Hay reports, there’s just one snag — the credit cycle is nearing its end.
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Flushed with years of popularity in Germany and its neighbouring countries, Schuldschein arrangers have begun to look across the globe for new borrowers to tempt to the market. This year has brought the first transaction from India, and many say Reliance Industries’ success may spur more non-European entities to target the Schuldschein investors. Silas Brown reports.
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VIENNA PRIVATE DEBT ROUNDTABLE The Schuldschein market is widening its circle of issuers and investors. It is now a natural choice for Austrian companies wanting to complement bank funding, but not necessarily big enough to issue public bonds.
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