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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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After the biggest month for new issue CLO supply since the market was created in the 1990s, Wall Street researchers have predicted that new issue spreads will grind tighter in the near-term, as secondaries come in and CLO formation is challenged by low loan supply. -
The Co-operative Group, the UK food retailer, undertaker, insurer and legal services provider, has announced a £250m sustainable bond issue which will be unusual in three ways. Green and sustainable bonds are rare in the UK and rare in the high yield market, while the use of proceeds Co-op is planning is close to unique.
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Three new high yield issues were launched into marketing in Europe on Tuesday, including a pay-if-you-can bond, even though the market was a bit weaker after President Donald Trump’s sabre-rattling about raising trade tariffs on China.
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With South Korea and the Philippines heading to euros for new bond transactions, more issuers from Asia should take courage and consider funding in the needlessly neglected currency.
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China’s Shimao Property Holdings has returned to the offshore loan market for a new borrowing, with a size of between $700m and $1bn.
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Goldman Sachs is planning to directly offer equity using a new middle-market business development corporation (BDC) that opened at the end of 2018, as interest in direct lending continues to tick up and the economic cycle stretches toward its conclusion.
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