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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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Last week European securitization markets saw a heavy supply of BWICs (bids-wanted-in-competion), with over €487m of CLO bonds on offer. But few of the bid lists are finding clearing levels, with 64% did-not-trade in CLOs last week. -
Private debt funds in Europe may be the hot new thing to some in capital markets but they could be about to come of age, having never been through a serious credit downturn before. The market is under scrutiny over how it will cope with the credit ramifications of Covid-19.
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Static securitizations of a pre-crisis vintage were among the poorest performers of the post-crisis era, as mortgage standards slipped into the boom year of 2007. But CLOs printed in the 2006 and 2007 are among the best deals ever done in the market, giving managers locked up leverage and the flexibility to exploit a huge market dislocation. Could the 2020 crisis see the same?
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Malaysia’s Press Metal Aluminium has raised a $300m dual-tranche financing to support its acquisition of Bintan Alumina Indonesia (BAI).
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The liquidity crisis at two Chinese dollar bond defaulters, Peking University Founder Group Co and Kangde Xin Composite Material Group Co, has deepened further amid more non-payments.
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Singapore hard disk drive company MMI International is looking to amend and extend an old loan ahead of a looming maturity, as it faces pressure on its financials.
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