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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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Indian and Indonesian dollar bonds were buoyed last week by positive investor sentiment that drove secondary market trading and paved the way for fresh debt issuance. -
All eyes were on Sunac China Holdings on Thursday when it executed a deal that was six times covered at its peak. Despite the competition, Redco Properties Group also managed to walk away with a new bond, thanks to the flexibility of the 364-day format.
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Indonesian textile company Sri Rejeki Isman (Sritex) has returned to the syndications market for a $350m loan that will go partly towards a bond buy-back.
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Investors in the leveraged finance market established a new trade body this week, giving them the chance to push back against aggressive covenant terms, and offering an alternative forum to the Association for Financial Markets in Europe, increasingly dominated by the sell side following a mass walk-out by the buy side last year.
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Fitch Ratings has remedied its long lack of a visible response to the rise of environmental, social and governance investing by launching a set of ESG relevance scores.
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China’s Road King Infrastructure nabbed $400m from a bond that was priced 50bp inside of initial guidance, on the back of the largest order book for an Asian deal recently.
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