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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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Profine, the German PVC window and door maker, made its debut in the wholesale capital markets this week, printing one of the highest yielding bonds seen in euro senior secured format at 9.25%. It opted for this route rather than a unitranche loan to refinance its main debt facility with Commerzbank, which matures at the end of the year. -
Banks sitting on €8bn of underwritten debt to finance Advent and Cinven’s buyout of ThyssenKrupp Elevator finally hit the ‘go’ button early this week, unveiling the takeout for the largest European LBO financing in more than a decade. Pre-marketing and pre-placement have helped derisk the exit, but documentation is as weak as on any deal in the pre-Covid market, making the financing a crucial test for the strength of any post-crisis investor resistance, writes Owen Sanderson.
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Adam Bagshaw, up until now a senior figure at Deutsche Bank, is joining HSBC to co-lead advisory and investment banking coverage.
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The second slice of the ThyssenKrupp Elevator financing hit the market on Wednesday, with €4bn of bonds announced across secured and unsecured tranches in dollars and euros, joining the €3bn of loans earlier this week as part of the package to fund Europe’s largest LBO in a decade.
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Chinese property company Agile Group Holdings’ new $500m bond tumbled in the secondary market on Wednesday after the firm took an aggressive approach to pricing.
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Chinese property developers Ronshine China Holdings and Sichuan Languang Development Co returned to the market on Tuesday to reopen their dollar bonds. Both the borrowers priced their taps tightly, but saw their notes widen in the secondary market.
