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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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More dollar bonds from Vietnam will come to the market in 2020, despite ratings agency Moody’s changing the government’s outlook to negative this week. -
Credit and manager selection are expected to be the driving forces in the CLO market next year, as benign conditions turn choppy and ratings arbitrage among leveraged loans comes front and center.
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The Financial Stability Board warned on Thursday of growing vulnerabilities in the leveraged loan and CLO markets. Increased leverage, weak covenants and the rise of non-bank lenders have added risk and complexity to the market, according to the global watchdog of the financial system, and the investors don’t have enough visibility on the debt instruments they’re buying.
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Enagas, the Spanish natural gas transmission company, raised €500m of new capital market on Wednesday night to help fund its acquisition of a stake in US firm Tallgrass Energy.
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Bond investors are set to start the new year with some trepidation, due to uncertainty around the US-China trade relationship and rising defaults in the Mainland. While there will be opportunities, not all issuers will have easy access to liquidity as buyers turn selective.
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Europe will probably see an increase in rates of corporate defaults in 2020 as credit quality deteriorates. Moody’s expects the rate of defaulting junk-rated issuers to triple, pushing the figure above the long-term average after an extraordinarily quiet year.
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