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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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Tom Tailor, the German fashion brand, has signed a €100m loan guaranteed by the federal and regional governments. It has also extended its existing bank line, although the company says it will not be enough to stave off insolvency at holding company level. -
58.com, a Chinese company that focuses on online classified advertisements, is in talks with banks in the country for a financing package of $3bn to support its take private.
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Chinese real estate companies China Fortune Land Development and Ronshine China Holdings raised a combined $550m in the bond market on Tuesday, but their tight pricing did not appeal to all investors.
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The months since the coronavirus outbreak have been a difficult period for the CLO market, as waves of loan downgrades and corporate bankruptcies create a turbulent environment for mangers to steer their deals through. Since March, the CLO space has seen various strategies employed by both managers and investors to mitigate the effects of the crisis. The pandemic has been a period of distress, but could also be a chance for players in the market to differentiate themselves and stand out, according to Allison Salas, CLO research analyst at DWS Investment Management. Salas spoke with GlobalCapital’s Max Adams on the evolution of CLO documentation, manager strategies and the implications of the Covid-19 outbreak for Libor transition.
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June opened up with another wave of negative rating actions for CLOs, with $5.7bn of the bonds placed on review for possible downgrades by Moody's, driving concerns that managers could see their ability to trade loans restricted if downgrades pile up.
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Despite warehouse lines that have time to run, the rally in leveraged loan markets is forcing CLO managers and equity holders to push ahead with deals, in case they are left buying assets at prices close to par with vehicles far more expensive than before the coronavirus hit.
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