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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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Ford shrugged off its loss of investment grade status to return to the Swiss franc market this week after a 19 year absence to print a three year deal targeted at private bank investors. -
UK aerospace company Rolls-Royce managed a smooth landing for its mid-pandemic equity raise despite turbulence within its inner circle of advisers. It was a triumph for strong management, writes David Rothnie.
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The Covid-19 pandemic has reshuffled the CLO investor base, with big bank buyers cutting their exposures, and insurers and mutuals gaining shares. Smaller pension funds and high net worth individuals have also entered the sector, tempted by the surprisingly strong performance of the asset class through the crisis period.
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If a company’s bonds were yielding more than 40% last December, what would have been the chances it would be in a position to raise market funding this week? That’s exactly what UK poultry producer Boparan has achieved in an extraordinary reversal of fortunes against the backdrop of a global pandemic.
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The sterling syndicated loan market hosted two environmentally friendly trades this week, with UK power generation company Drax and renewables fund Octopus Renewables Infrastructure signing facilities.
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Carnival Corporation, the world’s largest cruise operator, is marketing its first unsecured bond since the Covid-19 crisis began, taking advantage of the vaccine rally and optimism about the industry’s future to source uncollateralised funding.
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