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Deal rules and slow primary market make ramping up deals difficult
◆ Supranationals and agencies prepare to achieve the previously unthinkable ◆ Leveraged loans versus private credit and their effect on CLOs ◆ A new dawn for dollar covered bonds and UK equity market structure
◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
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Chinese property companies dominate Asia’s high yield bond market like never before. But rising volumes bring rising risks — and maturities are looming. Addison Gong reports -
Leveraged finance loans for Chinese companies will rebound this year, driven in part by the abundant liquidity available from the private equity funds. But winning government approval for deals will remain a stumbling block. Pan Yue reports
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LeasePlan refinanced the high yield bonds at its holding company this week, printing one of the largest holdco FRNs in the market — and confirming the sponsors’ shift in strategy since the firm’s abortive IPO attempt last October.
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Investment grade loans bankers are pinning more hope on the coming quarter after the slowest start to a year in the past five years.
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Südzucker, the German sugar company that was one of the first ever issuers of corporate hybrid capital with a €700m perpetual issue in 2005, has been forced to suspend coupon payments on the bond, when poor results it released on Wednesday hit cashflow triggers in the documentation.
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The European leveraged finance market is heating up, as long-awaited deals for the buyouts of UK plastics company RPC and German online listings firm Scout24 break cover. The two chunky deals will deliver much needed new money supply after a sluggish start to the year.
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