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Liquidity event at American manager comes at fraught time for industry
No one is sure when AI's threat will strike, or where
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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After a couple of weeks of sluggish issuance during earnings season, there were three new European high yield bond mandates on Monday, including an innovative sustainability-linked issue from Greece’s Public Power Corporation — a step forward for the structure, which has been slow to catch on in the HY market.
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Aluminium producer China Hongqiao Group has returned to the loan market for a $200m borrowing. -
Recent CLO resets have broken through the 80bp spread barrier for triple-A paper in recent weeks, bringing the market to its tightest point since coronavirus lockdowns began a year ago.
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Ho Chi Minh City Development Joint Stock Commercial Bank has closed its debut offshore borrowing at $71m.
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MUFG has introduced a new CLO asset class, bundling $500m of project finance and infrastructure loans together for Starwood Property Trust, in a deal that clearly demonstrated investor appetite for the product. Other issuers could follow, raising capital for the forthcoming US infrastructure building plan potentially worth $2tr, writes Paola Aurisicchio.
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Lawyers for struggling supply chain finance firm Greensill argued in court that over 50,000 jobs could be at risk from its collapse, precipitated by the withdrawal of credit insurance. But experts in the sector with knowledge of Greensill’s exposures argue that even Sanjeev Gupta’s Liberty Alliance empire could come out ahead.
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