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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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Just two Asian borrowers visited the international debt market on Monday, raising nearly a combined $800m ahead of the public holiday on May 1. -
Fitch has downgraded Tewoo Group, a Chinese state-owned commodities trader, by six notches, citing the company’s weak liquidity and high leverage. The Tianjin government’s financial ability to support its related entities was also brought into question.
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Indonesia’s Chandra Sakit Utama Leasing (CSUL) has launched a $75m offshore loan into general syndication.
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Indomobil Finance Indonesia has paid up for its offshore loan return for a new $100m three year borrowing.
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Dometic Group, the Swedish company that makes appliances for mobile homes, started the week by launching a €250m seven year high yield bond that was tightly priced, perhaps partly because the credit market was otherwise fairly quiet.
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JP Morgan is marketing a single-B rated high yield bond to fund the acquisition of developer CG Gruppe by Consus Real Estate, a further sign that the bond market is wide open and keen to take down more aggressive, highly levered deals.
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