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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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One of the most covered aspects of the bond market by more mainstream media in recent months has been the value of triple-B rated corporate debt due to mature in coming years and what problems that might cause in the event of an economic downturn. However, this has prompted investors to start to quell any fears of these risks. -
Sunac China Holdings priced a large three year callable bond, taking advantage of the abundant liquidity in the market following Chinese New Year. But investors appeared to hold back when it came to less familiar names.
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Representatives from the Loan Syndication and Trading Association (LSTA) and the CLO manager community returned from Japan this week following meetings with the Japanese Financial Services Agency, where they made a case for exempting broadly syndicated loan (BSL) CLOs from proposed risk retention rules.
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Biofuels have swollen thanks to policies to combat climate change — even though often, they do not help the problem and can make it worse. This is a shocking record, born of ignorance, both accidental and wilful.
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The CLO market in Europe is off to a solid start for the year, despite the complaints of managers and arrangers alike that conditions are tougher than they have been for years. But look closer, and it seems worryingly narrow, with one investor dominating the top of the capital structure. That might be helping deals get done, but it is far from healthy.
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UK department store chain Debenhams has agreed a refinancing with its existing lenders, giving it an extra 12 months and an extra £40m of headroom, along with certain covenant waivers — but the race is on for a full recapitalisation by the end of the second quarter.
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