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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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Mizuho replaces global markets head after less than a year — Syndicate banker leaves ING — Hudson joins Credit Suisse executive board
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Loan investors succeeded in the ‘game of chicken’ in setting deal terms on the first two major new money acquisition loans in the European market this year, winning a package of concessions that could help achieve a better balance between borrowers and lenders in a market that has seen documentation deteriorate. -
Asif Godall has been appointed as head of global markets for EMEA at Mizuho International plc, replacing Zahra Peerbhoy. Godall joins from Cairn Capital, where he was co-chief investment officer.
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Canada’s Barrick Gold launched an almost $18bn hostile swoop on rival Newmont on Monday, as the wave of consolidation in the gold sector reaches new heights.
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None of the high yield bond issues from telecoms group UPC will have their change of control provisions triggered, despite Liberty Global’s sale of the group to Sunrise Communications Group, announced on Thursday morning. High yield investors would be unlikely to take the deal, with bonds trading over the put price, and Sunrise targeting an investment grade rating, but it underlines the weakness of these protections in high yield documentation.
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Should bond investors be worried about Chinese local government financing vehicles (LGFVs)? After a recent default had almost no impact on the secondary or primary markets, most investors appear to have put aside their concerns. At least for now. Addison Gong reports.
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