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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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Investment banks are lining up to back the bidders in the Nestlé skincare unit auction, underwriting a package of acquisition debt that could hit the market in two to three months’ time, according to a leveraged finance syndicate banker. -
Europe’s corporate bond market is on classic form, swallowing six-tranche monster deals, hybrid issues paired with senior and other juicy trades day after day. Vodafone’s £3.4bn mandatorily convertible bond grabbed the attention on Tuesday with coupons that looked astonishingly low for sub debt, but behind it all is a rally caused by, of all things, economic uncertainty.
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India’s ReNew Power returned to the dollar market for a $375m bond on Tuesday, continuing its trend of using complicated deal structures to overcome strict regulations.
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Indonesian textile company Delta Merlin Dunia Textile made its debut in the dollar bond market on Tuesday. But first it had to overcome a huge range of value estimates from investors.
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China car dealership company China Yongda Automobiles Services Holdings has tapped the offshore market for first time, raising $250m after it sealed a Rmb800m ($123m) debut syndicated loan onshore last year.
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Some buy-siders are cheering the slump in CLO issuance relative to 2018, saying underwriting and investor protections are likely to improve on the back of slower deal flow.
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