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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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The slowly reopening European high yield market faced another test on Tuesday, following Sappi’s decision to pull its planned issue at the end of last week. Data centre and cable network firm Cogent raised a B3/B- rated add-on in order to pay a dividend. The company is too leveraged already to allow a dividend under its existing bond docs but used a “temporary deleveraging” and escrow structure to work around them.
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Cruise ship operator Genting Hong Kong has become the latest Asian company to seek a covenant waiver on a loan as the Covid-19 pandemic hits its operations. A rise in payment deferral requests is putting further pressure on retail banks that are already being forced to take a step back from lending. Pan Yue reports. -
Chinese property companies are slowly returning to the dollar bond market, reopening issuance from the sector after a two-month hiatus. Although debt bankers are not predicting a big pick-up in deal flow from these high yield issuers, the lack of supply is giving some borrowers an edge over pricing. Morgan Davis reports.
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GlobalCapital has made the difficult but hopefully understandable decision to postpone our 2020 Bond Awards, but we are now relaunching them today.
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JP Morgan and Nomura have started the syndication of the loan backing Bridgepoint’s buyout of French mortgage insurance broker Financière CEP, in a sign that market conditions have improved enough to fire the starting gun on the sale of loans underwritten before the coronavirus crisis shut markets.
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China’s Hope Education Group is making its debut in the offshore loan market for a $200m borrowing.
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