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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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Taiwan-based notebook computer maker Inventec has increased the size of its revolving loan to $500m after attracting 11 participants during syndication. -
Canpack, a Poland-based packaging company, made its debut in the euro and dollar high yield market this week, shaking off the constraints of its private placement-based capital structure and preparing for expansion in the US.
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The quest for yield has reawakened the market for an unusual form of CLO that pools both leveraged loans and high yield bonds to form a hybrid product. The structure has reappeared despite volatility in credit markets caused by the coronavirus crisis, with issuance escalating recently and set to rise as more CLO managers try to take advantage of opportunities — not just in loans but also the $1.2tr high yield bond market, writes Paola Aurisicchio.
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International Personal Finance, a UK-listed doorstep lender, asked bondholders to ease covenant limits as part of a package of measures to push out its maturities and manage the impact of the Covid-19 crisis on its funding.
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The bond piece of Rolls Royce’s £5bn Covid-19 rescue plan was a storming success this week. The issue doubled in size on the back of a combined book of £14bn, showing the firm still has excellent access to private sector liquidity — a strong message as Rolls turns to shareholders for a £2bn rights issue.
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SMC Global Power Holdings Corp was one of the few Asian issuers outside of China to turn to the dollar market this week. The Philippine borrower attracted ample investor support, allowing it to raise more money than it had first planned.
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