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Even leveraged deals still being underwritten, though banks are selective
Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
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Macroeconomic conditions have converged to create a strong market for new investment grade corporate bond issues in Europe, with a more dovish US Federal Reserve, a potential delay to Brexit, and signs of progress in the US-China trade discussions prompting investors to turn risk-on.
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German industrial services company Bilfinger has launched a Schuldschein months after pulling a transaction in public markets. The BB-rated company is offering a spread substantially higher than the typical Schuldschein borrower, in the hope that lenders will forego its failed foray and be charitable with its chequered past. -
Philippine oil company Petron Corp has returned to the offshore loan market after a two year absence, picking a bigger lead group that has allowed it to achieve much tighter pricing.
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Taishin Financial Leasing (China) is making its debut in the offshore loan market with an $80m borrowing helmed by Bank Sinopac.
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Of all the parts of the EU Sustainable Finance Action Plan, the Taxonomy is closest to the heart of the green bond market.
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Centre right members of the European Parliament have balked at approving a proposal to change the EU’s Taxonomy of Sustainable Economic Activities so it highlights unsustainable activities. Jon Hay reports.
