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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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CLO issuers are flooding to market to refinance Covid-era deals. On Tuesday, American International Group (AIG) Asset Management joined this wave by resetting AIG CLO 2020-1, slashing senior notes by 89bp. -
Moody’s has torn up one of the shibboleths of the Schuldschein market — that its borrowers are worthy of investment grade ratings. On Wednesday, the rating agency said a number of borrowers from the car parts sector were overleveraged and not profitable enough. Investors appear to share these worries, but the Schuldschein market offers them little protection and there is no reliable secondary market for them to sell into.
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SSAB, the Swedish steelmaker whose blast furnaces account for 10% of Swedish and 7% of Finnish reported carbon emissions, has launched a sustainability-linked bond in Swedish kronor. It wants to cut its emissions 35% between 2018 and 2032 as part of a transition to fossil-free steel.
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US-based battery maker Energizer launched a €650m eight year unsecured bond on Wednesday, intending to refinance its 2026 notes, cut interest costs and push out its maturities.
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Kaisa Group Holdings battled a volatile market for Chinese high yield issuers on Tuesday when it kicked off a $280m tap, as news around banks’ exposure to peer property credits rattled investors.
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Vietnamese education company Nguyen Hoang Group is making its offshore loan debut with a $62m deal.
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