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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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Danish wind farm operator European Energy has increased the size of its debut euro-denominated green bond, from the originally targeted €120m to €140m, on demand of more than €230m. The deal is one of only a handful of high yield issues to claim formal sustainability status, as ethical investment strategies gather pace in more corners of the capital markets. -
The CLO market has recently stalled due to a slowdown of investment from Japanese firms. Market participants say that this has been largely driven by negative media attention surrounding CLOs, and feel frustration that the asset class is still strongly associated with CDOs and the US subprime crisis.
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China’s Zhenro Properties Group wrapped up its first attempt at issuing perpetual bonds offshore this week, selling the note with a senior-to-perp differential that was tighter than some of its higher rated peers.
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The Green and Social Bond Principles’ executive committee has decided to leave the Principles unchanged this year, but is publishing three new documents on Thursday to help market participants. It also plans to launch an Advisory Council, to enable it to listen better to the concerns of the market.
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Lippo Malls Indonesia Retail Trust made its debut in the dollar market on Wednesday, diversifying its investor base and achieving quite a large deal size at an attractive price.
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Edward Altman, creator of the Z-score metric predicting corporate bankruptcies, has co-founded a new company that automates credit scores for small and medium sized firms. That could help provide ratings for the SME CLO market.
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