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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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Nokia had much to be thankful for on Monday when it issued a €750m seven year bond at 170bp over mid-swaps — the same level at which its older five year bond was trading at the beginning of this year. -
With market conditions strong last week, leads on the most hotly anticipated leveraged financing of the year decided to press ahead and launch. The $10.5bn debt package backing Brookfield’s buyout of Johnson Controls’ Power Solutions business will hit all the major pockets of demand, with term loans in dollars and euros, senior secured bonds in dollars and euros, and unsecured notes as well.
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China real estate companies Zhenro Properties Group and China Evergrande Group started the new month with fresh dollar deals at the end of last week, marking Zhenro’s fourth trade of the year and Evergrande’s second.
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A €407.5 CLO from Hayfin Capital Management arranged by Goldman Sachs in the market this week is being offered with senior equity in place of single-B debt, with the equity sold 'within an hour or two' of the announcement, according to a source.
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Indian generic drugs producer Jubilant Pharma raised $200m from its return to the bond market after investors rushed to snap up a rare Indian high yield credit.
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A group of nine NGOs, trade unions and other civil society groups have got together to produce an independent white paper setting out in detail how they believe the European Union’s Sustainable Finance Action Plan should progress. It calls on the EU to push ahead with the Plan, only some of whose targets have been acted on so far, and to take it further and deeper.
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