Latest News

  • Cairn India in talks with banks for $1bn refinancing

    Cairn India is speaking to banks for a loan that will refinance borrowings that are due to mature over the next few years, according to sources close to the matter. The company is looking to borrow through a Scotland incorporated subsidiary, they said.

    • 03:30 AM
  • Hapag-Lloyd to ship first triple-C of the year

    Hapag-Lloyd on Monday began roadshowing a sub benchmark and triple-C rated bond to European high yield investors.

    • 16 Jan 2017
  • Euro CLO refi activity chugs on amid primary pause

    Carlyle released price guidance for the refinancing of its Carlyle Global Market Strategies Euro CLO 2014-2 on Monday, as the primary CLO pipeline takes a back seat to a wave of refinancing deals.

    • 16 Jan 2017
  • Channel Islands snap NewDay LBO bond listing

    The European high yield bond market is set to price on Friday its third deal listing on the Channel Islands this year, a £425m bond to finance NewDay’s acquisition by Cinven and CVC.

    • 16 Jan 2017
  • Micro Focus poised to offer $1bn in euro levloans

    Micro Focus, a UK software firm, is poised to offer up $1bn-equivalent in euros to the European leveraged loan market as it looks to close its reverse merger with Hewlett Packard’s software business.

    • 16 Jan 2017
  • ZhengTong Auto zooms to bigger $409m financing

    The latest syndicated loan for ZhengTong Auto Services, a luxury auto dealership, has wrapped up at $409m, racing past the launch size of $300m as Chinese lenders came in with big commitments.

    • 16 Jan 2017
  • Mandates flood Monday market

    Issuers anxious to meet with investors before the Chinese New Year are kicking off the week with roadshows around Asia. Beijing Capital Group, Qinghai Provincial Investment Group, China Huarong Asset Management, and Indonesia’s Pan Brothers are all pursuing dollar bonds.

    • 16 Jan 2017
  • Chinese developers Times Property, Yanlord out for funds

    High yield real estate names Times Property Holdings and Yanlord Land Group are marketing their respective dollar-denominated bonds on Monday morning, looking to lock in early funding for the year.

    • 16 Jan 2017
  • Amigo Loans' HY debut pays 7.625% coupon

    The sterling high yield bond market on Friday priced its first single-B rated issue of the year, a £275m note from Amigo Loans, a UK consumer lender, with the third highest coupon in the past 12 months for a single-B sterling issue.

    • 13 Jan 2017
  • Greater China corps print $960m in bonds on busy Thursday

    SEA Holdings, Guangzhou R&F Properties and a Changchun local government financing vehicle took advantage of the abundant liquidity in the bond market by locking in funds on Thursday.

    • 13 Jan 2017
  • HY adopts Channel Islands as regulatory haven with MAR dodge

    Telecom company TalkTalk and loan guarantor Amigo have this week jumped into the wave of new high yield bond issues listing on the Channel Islands Securities Exchange (CISE) as a way to get round the Market Abuse Regulation (MAR), writes Victor Jimenez.

    • 12 Jan 2017
  • Pharma back in focus for CLOs after Trump comments

    The pharmaceuticals industry is back under the microscope of US CLO players after comments on drug pricing from president-elect Donald Trump hinted at a tougher environment for drug makers under a Trump presidency.

    • 12 Jan 2017
  • Carlyle makes raft of senior promotions

    The Carlyle Group promoted 62 staff to senior positions on Wednesday — 13 of them to partner, 17 to managing director and 32 to principal.

    • 12 Jan 2017
  • Lev investors must up deal term vigilance

    In the leveraged loan market, where pricing has plummeted, it was inevitable that issuers would push their luck with the terms of their deals. Investors must push back.

    • 12 Jan 2017
  • The covs are off: investors reeling from lev terms

    Aggressive leveraged loan borrowers are pushing investors to breaking point. Sponsors have milked buyers’ desperation for yield with ever looser covenants to the extent that one investor said, this week, that the situation was worse than at any point since the financial crisis.

    • 12 Jan 2017
  • Jaguar roars first euros, book six times oversubscribed

    UK premium car maker Jaguar Land Rover on Thursday sold its first euro bond at one of the lowest coupons seen in the high yield market in the last two years.

    • 12 Jan 2017
  • TalkTalk dials in for increased high yield bond

    The sterling high yield bond market on Thursday sent a message of confidence to issuers as UK telecoms firm TalkTalk increased its £300m unsecured bond on the back of heavy demand.

    • 12 Jan 2017
  • KKR opens European repricings amid hot US market

    Two KKR backed firms have brought the first European leveraged loan market repricings of the year, picking up on a trend that is already in full swing in the US this year.

    • 12 Jan 2017
  • Pricing details out for Trans Retail Indo $575m loan

    Details on pricing have emerged on CT Corp company Trans Retail Indonesia’s $575m five year loan, which is expected to be pre-funded by seven lenders shortly.

    • 12 Jan 2017
  • Chinese banks eager to bite into McDonald’s financing

    M&A in Asia has started on a strong note this year, with the first big financing — for McDonald’s China’s $2.08bn acquisition by Citic and Carlyle — under way. While details of the syndicated loan are limited at this stage, the transaction has already gathered plenty of attention from bankers, writes Shruti Chaturvedi.

    • 12 Jan 2017
  • Corporate issuers battle for investor attention

    Corporates from Hong Kong, China and Singapore were clamouring for investors’ attention on Thursday for their respective offerings.

    • 12 Jan 2017
  • Leveraged loan prices blocking new CLO pipeline

    The US CLO market is off to a slow start and managers are expecting more of the same through the first quarter of the year, as tightening in the leveraged loans market puts pressure on the economics of issuing new deals.

    • 11 Jan 2017
  • Amigo hopes to channel friends with £250m HY deal

    UK guarantor loans company Amigo Loans on Wednesday became the third European business to launch a high yield bond this year and the second to list on the increasingly popular Channel Islands Securities Exchange.

    • 11 Jan 2017
  • EY tops global PE biz with Herb

    Ernst & Young has appointed a head of global private equity to replace Jeffrey Bunder, who has moved to a US private equity firm.

    • 11 Jan 2017
  • Corporate primary market snowed in rush to beat rate hikes

    European corporate bond issues are coming thick and fast. Participants who predicted this week would be busy have been proved right, with 12 deals pushed into the euro, sterling and Eurodollar markets so far.

    • 11 Jan 2017

More Leveraged Finance

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 JPMorgan 19,492.11 46 8.85%
2 UniCredit 18,866.65 83 8.57%
3 HSBC 16,021.11 53 7.27%
4 BNP Paribas 13,314.73 89 6.05%
5 Credit Suisse 13,152.31 32 5.97%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 10 Jan 2017
1 Deutsche Bank 7,800.70 49 5.17%
2 Citi 6,458.14 23 4.28%
3 Goldman Sachs 6,353.41 38 4.21%
4 Barclays 5,713.46 35 3.78%
5 JPMorgan 4,221.50 35 2.80%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 10 Jan 2017
1 JPMorgan 297.36 3 36.61%
2 RBC Capital Markets 85.86 2 10.57%
3 Wells Fargo Securities 85.71 1 10.55%
3 Mizuho 85.71 1 10.55%
3 Goldman Sachs 85.71 1 10.55%