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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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Last week’s tap of a KWG Group Holdings dollar bond triggered a debate between bankers about what makes for good market practice. The issuer may be an established and reputable one, but the tap was priced with the borrower still in an earnings blackout. If this sort of timing were to take hold, the Asian issuers as a whole will struggle to build a globally diversified investor base. -
Mounting expectations that the US Federal Reserve could slash interest rates in 2019 is a prompting a new wave of redemptions among leveraged loan funds, similar to the selloff in the fourth quarter of last year that pushed CLO warehouses underwater and resulted in significant volatility through year end.
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Oaktree Capital Management is using a combination note carve-out structure to execute its first deal of 2019, Oaktree CLO 2019-1, which will give the noteholder equity control of the deal while holding a piece of debt rated as investment grade.
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LeasePlan has launched a €1.3bn high yield bond from its Lincoln Financing holding company to pay back the original €1.6bn-equivalent holdco acquisition debt from its 2016 purchase by a consortium led by TDR Capital, and including Abu Dhabi Investment Authority, GIC and PGGM.
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Dollar bonds in Asia followed the US markets’ end to last week by trading lower. Nonetheless, the continent’s investment grade issuers are looking to print with many high yield issuers still emerging from earnings blackouts.
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Global alternative investment firm Castlelake is tapping the offshore loan market for $685.1m to support its purchase of aircraft from Malaysia’s AirAsia.
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