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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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Zhongyu Gas Holding has returned to the offshore loan market for its second borrowing this year, offering a $250m three year facility. -
Bonds issued by China’s Kangde Xin Composite Material Group plummeted in the secondary market on Monday, losing around a third of their value after rumours of an onshore default.
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Zhengzhou Metro Group became the latest Chinese local government financing vehicle (LGFV) to price a dollar bond, turning to the market on the same day two issuers in Chengdu and Yichang also raised funds.
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Fantasia Holdings Group Co locked up a final dollar deal of the year on Thursday, but paid a generous 15% yield to secure anchor orders for the transaction.
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Credit Suisse used part of an investor day on Wednesday to offer a staunch defence of its leveraged finance business, which forms a larger part of its investment banking and markets business than at its major competitors, but which has seen increasing regulatory scrutiny this year.
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Leveraged loan prices are plummeting in secondary trading and CLO managers are scrambling to market new deals even after US equities have recovered from their recent tumble.
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