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Market stress so far confined to consumer credit and SMEs across region
Utilities metering company could refinance Schuldschein in coming months
Tight spreads keep Middle East borrowers in bond market, and away from loans
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The leveraged loan market has taken a leg wider as coronavirus fears sweep the capital markets. But the primary markets are sucking up the larger discounts and fatter margins and forging ahead, with Polynt-Reichold, Genesis Care, and Inspired Education pressing on and printing deals this week.
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Pollen Street Capital and the board of an investment trust it advises are locked in a fight over the potential sale of the investment trust to Waterfall Asset Management, with the board describing Pollen Street’s data room as “of no meaningful use whatsoever and a complete waste of time”.
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Some European high grade borrowers are postponing their loan plans, as the Covid-19 coronavirus continues to wreak havoc on financial markets. -
British American Tobacco is considering switching its existing revolving credit facility from Libor to Sonia, following Royal Dutch Shell’s trail-blazing Sofr-linked syndicated loan last year. The move would demonstrate a more galvanised move away from Libor in the loan market.
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China Hongqiao Group, China Water Affairs Group and Luxshare Precision has returned to the offshore loan market seeking a total of $800m.
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Shares in Intu Properties, the UK real estate investment trust focused on shopping centres, tanked this week after the company said on Wednesday morning that it has called off its £1bn-plus rights issue due to “extreme” market conditions.
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