Search results for

Chinese property developer Country Garden is in the process of finalising the bookrunner group for a $1.5bn loan, with bankers already confident the deal will see strong interest from lenders.

CLO managers are in talks with banks in hopes of opening new warehouses in coming weeks, paving the way for a new wave of post-Covid CLO issuance — though firms will be emerging into a markedly more difficult environment, sources say.

FICO on Monday released a new scoring tool to help lenders gauge the resilience of consumers in an economic downturn, though sources say it could take up to six months from the end of government support programs before the data can be usable as current data is obscured by a range of debt forbearance policies.

ThyssenKrupp Elevator (TKE) is a deal of superlatives: the largest European high yield debut, the largest European LBO in over a decade, the last LBO before coronavirus, the most levered debut industrial, and the worst-ever covenant package — or at least, it was at first. Three days after launching the bond leg of the deal, the sponsors and leads capitulated, erasing almost every controversial term in the docs — perhaps the largest ever retreat and the biggest investor victory in the long-running war over bond covenants. But it’s too soon for investors to celebrate, as the episode only highlights how damaging this conflict has become.

Post-crisis reforms have broadly succeeded in ending the concept of ‘too big to fail’, according to the Financial Stability Board, which argued in a report on Sunday that total loss-absorbing capacity (TLAC) rules were making the global banking system more efficient.

DFS Deutsche Flugsicherung, the German air traffic controller, launched a Schuldschein deal on Monday, on the hunt for at least €250m.

The European Bank for Reconstruction and Development (EBRD) hit screens with a $1bn three year on Monday.

Europe’s high grade bond market provided some mixed indications of sentiment on Monday with the deals for Takeda and SEE seeing notable differences in demand, leaving syndicate bankers trying to work out what this means for what is expected to be a busy week of issuance.

The UK Debt Management Office (DMO) has updated its remit to include an additional £50bn of borrowing by the end of August. However, investors had expected details of the sovereign’s borrowing ambitions up to the end of September.

DirectBooks, which plans to bring a new issuance platform for bond markets, has not ruled out the possibility of a partnership with other providers.

First time CLO issuers in Europe are seeing little to no premium on their market debuts, with AlbaCore’s market debut pricing its senior notes inside Investcorp’s 24th deal and the second issue from MacKay Shields. This follows strong debuts from CBAM Europe and BlueBay, which also printed inside or in line with more established issuers — though lower leverage may have helped.

Morgan Stanley has hired Alessandro Mazza as a managing director in its leveraged finance business in Europe.