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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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China Aoyuan Group and China Huarong Financial Leasing Co this week raised a combined $388m from bonds that will mature in less than one year, taking advantage of a regulatory loophole to tap the market with short-dated deals. -
Citigroup has picked Miguel Gabian to be head of its Spain and Portugal markets franchises.
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Inovyn, an Ineos entity, is marketing an increase, extension and alteration to €1.064bn of term loans, pushing out maturities from 2025 to 2027 and adding another €250m to its debt stack. But the Ba3/BB- rated borrower is not seeking any margin cut. The 200bp spread is already at the effective floor for European leveraged loans.
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A Dubai World subsidiary has agreed to buy port operator DP World for $13.9bn. The lending desks at Citigroup and Deutsche Bank will be big winners from the debt-fuelled transaction.
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Although European CLOs have a standard limit on the proportion of covenant-lite loans they buy, the definition of ‘cov-lite’ means that almost every term loan with a revolving credit facility elsewhere in the capital structure remains eligible for purchase by these vehicles.
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Property company Eisa Holding has returned to the loan market for a refinancing deal through bookrunner First Commercial Bank.
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