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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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Sixteen European industrial companies have formed the Corporate Forum on Sustainable Finance, to grant themselves a stronger voice in the green bond market and promote the use of sustainable finance products. -
The volume of corporate bonds with triple-B ratings, and vulnerable to downgrades into high yield, is at its highest in history. But while the US market fears the prospect of fallen angels, Europe appears to see advantages.
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China Evergrande Group raised $3bn with a tap of three of its existing bonds, but the issuance put a dent in its secondary curve as noteholders fled to the juicier new deal.
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Investors put their faith in Mongolia’s recovery story this week, helping Mongolian Mortgage Corp (MIK) raise $250m from a bond that showed appetite for frontier market risk. Addison Gong reports.
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Profit Reach, an investment vehicle owned by Chinese billionaire Shen Guojun, is seeking a $550m refinancing loan with a rare put option provided to lenders. The deal has raised debate over whether the structure can catch on in Asia. Pan Yue reports.
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Club-style Chinese deals were back this week as Peking University Founder Group Co raised $150m from a three year bond and Yankuang Group grabbed $215m.
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