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Latest news
Deals at the double as mall-backed issuance creeps up
Sponsors also inject $35m of equity
UBS headquarters among deals in enthusiastic SASB market
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Sub-Saharan Africa's Ghana has secured a €280m social loan from commercial lenders and credit agencies. The loan, the kind of which has not been seen in Africa, will support the development of the country's transport infrastructure. -
ABS lawyers are asking issuers to resist taking advantage of a legal loophole left via a regulatory quirk, where a number of CLO and CMBS deals are technically exempt from switching data over to the securitization repositories approved by the European Securities and Markets Authority (ESMA) on Friday.
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Blackstone has mandated Barclays and Goldman Sachs as co-arrangers for its Last Mile Logistics Pan Euro Finance CMBS, a €495m deal.
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After the worst year ever for UK retail, plunging valuations and landlord implosions, Brookfield is testing the capital markets’ appetite for a bet on the sector’s recovery, launching a CMBS deal backed by nine UK retail parks. The launch came on the same day that the UK government announced that landlords would be banned from evicting non-paying tenants for a further nine months. Owen Sanderson reports.
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Goldman Sachs announced this week that is is refinancing a portfolio of Dutch office, hotel and retail outlets through a €220m CMBS called Bruegel 2021. The transaction is added to the growing pile of CMBS as investor confidence grows in assets impacted by the pandemic last year.
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The UK is reforming its treatment of special purpose vehicles in an attempt to make itself appear more business-friendly. However, in its attempts to open up the asset class, regulators could inadvertently tie up the market in red tape, as shown by its recent consultation over the possibility of including shares in ABS collateral.
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The Republic of Senegal raised €775m on Wednesday in a deal that achieved a negative new issue premium of 25bp, according to bookrunners. Investors’ appetite for high yielding emerging market credit remains robust despite lingering concerns over developed market inflation and central bank tapering.
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Senegal entered the bond market on Wednesday with a euro offering, as a string of African sovereign issuers are expected to raise cash from international investors in the coming weeks.
