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  • Wafer-thin margins for giant Froneri financing

    Wafer-thin margins for giant Froneri financing

    Froneri, a PAI Partners-backed ice cream company, is syndicating the financing for its acquisition of Nestlé’s US ice cream business, raising €5.7bn-equivalent of first and second lien debt across three currencies.

  • Aker BP flexes new muscles and targets IG buyers

    Norwegian oil exploration and production company Aker BP took advantage of its second investment grade rating, out of three, received in November, to position itself as an investment grade issuer and print a dual tranche five and 10 year deal this week.

  • Ashland hits buoyant market to move to unsecured cap stack

    Kentucky-based speciality chemicals company Ashland sold a €500m eight year non-call life unsecured high yield issue on Thursday, bringing European high yield's first proper deal of the year, as part of its efforts to clean up its capital structure and switch to an unsecured financing profile.

  • LMA to guide banks on how to avoid greenwashing in sustainable loans

    LMA to guide banks on how to avoid greenwashing in sustainable loans

    The loan market’s trade bodies are preparing to give new guidance about how to ensure sustainability-linked loans — in which borrowers can get a margin reduction if they hit sustainability targets — are genuinely “ambitious”. Bankers want to protect the market from rising concerns that some deals’ terms are too easy on the borrowers.

  • Altice International storms strong market with €2.8bn, hits lowest ever coupon

    Altice International storms strong market with €2.8bn, hits lowest ever coupon

    Altice International jumped at this week’s strong market conditions, launching a €2.8bn-equivalent refinancing, hitting the lowest ever coupon level for the telecoms group and saving itself €187m in annual interest. The strong execution, with a size increase and performance in the aftermarket, shows a market wide open for other well-followed high yield names looking for a refinancing opportunity.

  • New CLO managers flock to Europe to prey on downgrades

    New CLO managers flock to Europe to prey on downgrades

    The European CLO market is marking the new year by bracing itself for a series of corporate downgrades. Ellington, a US CLO manager, has been sounding out the European market about bringing an ‘enhanced CLO’ in the first half of the year, which would allow for up to 50% of the portfolio to be debt rated triple-C or below, a far cry from the standard 7.5%.

  • LeasePlan holding company taps to take out sub notes

    LeasePlan holding company taps to take out sub notes

    Lincoln Financing, the holding company of LeasePlan, hass tapped its senior secured 2024s for an extra €500m, looking to pay down payment-in-kind notes and fund its interest reserve. The deal follows last year’s €1.35bn issue, which paid down debt incurred when a sponsor consortium bought the company in 2016.

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  • The power of making a fuss

    As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.

  • Palmieri shakes up corp finance at SG

    Société Générale has redoubled its commitment to equity capital markets under a new structure designed to ensure it remains a force in investment banking when consolidation comes, writes David Rothnie.

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $bn No of issues Share %
1 24.72 112 10.70%
2 17.82 68 7.72%
3 14.06 69 6.09%
4 12.98 87 5.62%
5 11.75 62 5.09%

Bookrunners of European HY Bonds

Rank Lead Manager Amount $bn No of issues Share %
1 0.42 3 9.87%
2 0.36 2 8.32%
2 0.36 2 8.32%
4 0.35 3 8.08%
5 0.28 2 6.52%