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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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Sichuan Languang Development Co returned to the bond market on Wednesday with a $150m tap of an outstanding deal, bringing its 11% 2020 notes to a total size of $400m. -
The first two big acquisition loans of the year in Europe, for Amer Sports and Ahlsell, have both been subject to pushback from investors on some of the most borrower-friendly terms in their original security packages. That has set a standard for new deals, now markets have recovered much of the ground they lost in the fourth quarter.
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PlayTech, the UK-based gambling technology company, announced its second high yield bond issue on Tuesday afternoon, seeking to raise €350m to redeem an out-of-the-money convertible bond issued in 2014. During the roadshow, it confirmed a new contract with UK gaming group GVC, which helped it print tight in a market that was already supportive.
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Macroeconomic conditions have converged to create a strong market for new investment grade corporate bond issues in Europe, with a more dovish US Federal Reserve, a potential delay to Brexit, and signs of progress in the US-China trade discussions prompting investors to turn risk-on.
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Chinese government-related issuers Zhaojin Mining Industry Co and Yunnan Provincial Investment Holdings Group Co priced dollar bonds after what bankers said was smooth bookbuilding, defying fears that followed a recent default by a local government financing vehicle.
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Japanese CLO investors are said to be moving their bid for senior CLO debt wider yet again, following a move at the beginning of the year that saw anchor buyers like Norinchukin Bank demand considerably more spread compared to 2018.
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