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◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
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Investment grade companies have rushed back to the bond market, while syndicate bankers in riskier and more complex asset classes are wondering when their turns will come. Yum Brands reopened US high yield on Monday, leaving European high yield desks hoping a bold issuer would try this side of the Atlantic. Euro buyers were teased a piece of Carnival's rescue package, but lost out to a strong dollar market. -
Whitbread, the UK hotel and restaurant company behind Premier Inn, has amended a clause in its debt documentation which could have left it liable for technical default. One source said several companies may have to go through a similar amendment process.
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Logan Property Holdings has joined a few Chinese real estate companies in the offshore loan market, seeking a HK$2bn ($258m) borrowing.
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S&P Global Ratings placed another 15 CLOs on rating watch with a negative outlook over the weekend, flagging deals with a growing exposure to loans facing downgrades as the coronavirus crisis drags on.
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The ABS secondary market had not seen an increase in purchases from the European Central Bank as of Thursday, when the central bank’s Pandemic Emergency Purchase Programme was supposed to officially start buying. ECB head Christine Lagarde invoked the spirit of her predecessor by promising to do 'whatever it takes' to save the euro from the coronavirus pandemic, but the start of the programme has left ABS traders citing miscommunication between the central bank and the securitization market.
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The Norwegian government’s support package for large companies goes beyond that announced in other jurisdictions, in actively buying bonds from companies deep in sub-investment grade territory, helping the country's vital oil exploration, shipping and oil services firms to access financing.
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