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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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Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond. -
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.
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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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