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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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Dual currency high yield bonds to fund EG Group’s purchase of Woolworth’s petrol stations in Australia hit screens on Tuesday morning, the long-anticipated second slug of a financing part-placed in Australian dollars. The all-bond issue flies in the face of recent market trends, which have seen comparably-rated loans price well inside EG’s initial price thoughts. -
The Asian debt markets have been hit with a number of defaults from Chinese borrowers. China Minsheng Investment Corp (CMIG) has missed bond payments, as has Kangde Xin Composite Material Group.
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SEG Automotive, a starter motor manufacturer, is tapping the offshore loan market for a €300m dual tranche facility.
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While Japanese regulators opted for 'reg-lite' when determining that CLO holdings did not pose a substantial systemic risk to its domestic banking sector, an opposition to risky overseas investment among Japanese politicians is growing as more cracks show in the nation’s banking sector.
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Three Chinese property companies courted high yield dollar investors on Wednesday, raising a combined $827m.
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Melco, the casino operator, played its US investor cards on Wednesday to build a $500m bond sale.
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