New issue market to open? Sep '22

Posted by: @thegr8destructo

Small pipe builds in HY primary as mismatch of borrower & lender desires continues. Convexity issue is key. Deep OIDs wanted & long NC periods. But latter tough for borrowers given need to pay high coupons. Only those that need to issue will, meaning ongoing awful 2ndry liquidity

— Luke M (@millarlr) September 2, 2022

Underwritten pipe includes Fedrigoni, Engineering, Kiloutou, & a few others. With Italian election looming, first two have to make a decision on timing. For maturities - Verisure, LimaCorporate, Norican, maybe but I am not firm on those. I have about 20 names maturing H1 23.

— Luke M (@millarlr) September 2, 2022

 

Saw this on twitter - definitely sounds like there is a pipe but will companies want to pay up to get deals done? Not so sure.