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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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Chinese property company Leading Holdings Group has made its debut in the dollar market with a sub-one year bond. -
Too much supply in the US CLO market has caused the spreads on triple-A tranches to widen to 110bp-120bp, according to market sources. Issuance is expected to reach record levels this year.
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Virgin Media 02, the joint venture of Virgin Media and O2, has sold £1.13bn-equivalent of sterling and dollar notes, refinancing a set of bank loans signed ahead of the 50:50 merger, which finally closed earlier this month.
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Air France-KLM is preparing to return to public funding markets, as the group comes off life support and contemplates its post-pandemic capital structure, bloated by €10bn of state aid measures during 2020. The airline has been marketing a €600m dual tranche three and five year issue, which is set to be priced on Thursday, as it predicts running at over 60%-65% of 2019 capacity during the summer.
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Hapag-Lloyd, the German container shipping firm, has signed an $852m syndicated green loan to buy vessels, further solidifying ESG into its capital structure after debuting in green debt this year.
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China’s Tongyi Lubricant, which is backed by private equity firm Carlyle Group, has tapped three Taiwanese banks to help it raise $110m from the loan market for a dividend recapitalisation.
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