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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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Hong Kong’s mortgage loan provider Lei Shing Hong Credit has closed a $330m-equivalent deal with 11 lenders. -
It’s amazing how quickly the conversation around Avis has changed over the last few months. In April, investors worried that Avis would follow Hertz, its car rental rival, into bankruptcy by the end of 2020. But Avis’s performance in the second quarter and its recent success in the ABS market suggest it is in a much better position than its competitors to weather the recession.
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Metals and mining firm Vedanta Resources’ $1.4bn bond this week took it one step closer to the planned delisting of a subsidiary. But the company took an unusual approach to the deal — a rare bond outing for a take-private in Asia — by offering investors a secured and callable amortising bond. Morgan Davis reports.
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Chinese real estate developer Shui On Land sealed a slightly larger than anticipated $500m bond on Monday, despite issuing a profit warning earlier this month.
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Tianneng Power International, a Hong Kong-listed Chinese company focused on making environmentally friendly power batteries, is seeking a debut $100m loan.
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Triple-A spreads on new CLO issues hit 130bp last week — their tightest level since the beginning of the pandemic — as GSO priced a $300.15m static CLO arranged by Barclays.
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