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LevFin High Yield Bonds

SIG Combibloc switches to unsecured as it sets sights on IG

Carton manufacturer SIG Combibloc has refinanced much of its capital structure with a dual-tranche three and five year bond, moving to an unsecured debt package as it targets an eventual investment grade rating. The pricing reflected its crossover rating, with the shorter tranche sneaking under 2%.

Owen Sanderson, June 11, 2020
People News

People moves in brief

NatWest Markets names CEO and CFO — Natixis appoints new managers for UK and Middle East — Barclays' private capital markets boss leaves

Jasper Cox, June 11, 2020
Equity

Unilever consolidates to prepare for deals as M&A hopes rise

Bonds of Unilever, the consumer goods firm, jumped on Thursday, despite it being a day of risk aversion in the markets, after it announced plans to merge its Dutch and UK entities. Unilever billed the move as simplifying its corporate structure to prepare for what it expects to be "the increasingly dynamic business environment that the Covid-19 pandemic will create" — as bankers predict industrial shake-ups will lead to mergers and acquisitions.

David Rothnie, June 11, 2020
LevFin Leveraged Loans

Cruise co Hurtigruten raises emergency cash after replacing covenant

Norwegian cruise and ferry company Hurtigruten has raised a €105m three year loan through JP Morgan and Goldman Sachs, ranking in line with its existing loans and paying 800bp. This follows an agreement on Monday to suspend the company’s leverage covenant and replace it with a cash covenant, an approach that lenders are increasingly using for companies facing sharp revenue stops.

Owen Sanderson, June 11, 2020
Asia

IPO hopefuls rush for approval as second half looms

Hong Kong’s IPO market is gearing up for a busy few weeks as companies push for listing approvals before the end of June, with bankers and investors remaining bullish on the city’s stocks. Jonathan Breen reports.

Jonathan Breen, June 11, 2020
Asia

Jiangxiaobai eyes $1bn from Hong Kong IPO

Jiangxiaobai is planning to list in Hong Kong this year, according to a source close to the deal.

Jonathan Breen, June 11, 2020
Emerging Markets

Croatia takes €2bn in one swoop as investors scramble for paper

The Republic of Croatia benefited from a tightening euro market on Wednesday, as it printed a €2bn 1.5% June 2031 bond on the back of orders 4.5 times that amount.

Ross Lancaster, June 11, 2020
Covered Bonds

Bank funding: TLTRO to whack euro covered bond supply

Market participants expect European banks to take a large chunk of funding through the European Central Bank’s Targeted Longer-Term Refinancing Operations (TLTRO III) programme, hitting covered bond supply levels. But issuance in other asset classes should remain unaffected as banks follow through with their funding plans.

Bill Thornhill, June 11, 2020
Senior Debt

Expect a busy summer, say FIG deal arrangers

Banks are likely to consider unusual issuance windows this year given the disruption caused by the coronavirus crisis. They could even be hard at work during the summer months, according to deal arrangers.

David Freitas, June 11, 2020
Asia

China’s 58.com eyes $3bn for take-private, but loans bankers prove reluctant

Chinese online marketplace 58.com is seeking a $3bn loan for its take-private from the Nasdaq. The company is relying on Chinese banks to raise the money, but several told GlobalCapital Asia they were not interested. Pan Yue reports.

Pan Yue, June 11, 2020
Asia

Radiance and Powerlong add to debt coffers

Chinese property companies continued to pile in to the dollar bond market on Wednesday, with Radiance Group Co and Powerlong Real Estate Holdings using up their remaining fundraising quotas.

Alice Huang, June 11, 2020
LevFin CLOs

New euro warehouses, US spread rally spur hope for CLO refresh

Some CLO managers in Europe are discussing new warehouse lines, paving the way for the CLO primary market to restart after pre-Covid deals are cleared. Counterparts in the US, meanwhile, are riding a wave of optimism that will likely take the market back to pre-pandemic pricing levels over the summer. Owen Sanderson and Paola Aurisicchio report.

Owen Sanderson, June 11, 2020

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