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Bankers fret over LBO pipeline as auctions dwindle

Leveraged Loans

Bankers fret over LBO pipeline as auctions dwindle

After a furious start to the year, leveraged finance bankers are now worrying about what’s next for new money leveraged buyouts, with few corporate carve-outs on the horizon and a plethora of political pain points to keep sponsors on the sidelines.

Other news

  • AutoScout scores strong syndication despite high leverage

    AutoScout scores strong syndication despite high leverage

    The syndication of loans to fund Hellman & Friedman’s carve-out of AutoScout24 has seen strong demand, sufficient to support pricing through the tight end of talk on both tranches. The deal has also been recut to squeeze out a larger first lien, cutting the cost of a deal that is among the most levered public issues seen in Europe since the 2007-08 financial crisis.

  • Lyxor launches second suite of ESG high yield ETFs

    Lyxor has launched a suite of environmental, social and governance high yield exchange-traded funds, following BlackRock’s iShares into the burgeoning market for investment products screened for sustainability. The French firm switched its investment grade ETF to follow a sustainable index last year, but opted to create a new product line for high yield.

  • Moby signs standstill deal as restructuring looms

    Moby signs standstill deal as restructuring looms

    Italian shipping company Moby Lines has signed a standstill agreement until the end of the month with bondholders and requested that senior lenders also refrain from enforcement, as restructuring talks progress.

  • No return seen in euro CLOs for Norinchukin

    No return seen in euro CLOs for Norinchukin

    Even after the Japanese financial year-end at the end of March, Norinchukin Bank is unlikely to return to the European market as an anchor investor in senior CLO tranches, according to a CLO manager with knowledge of the bank’s approach.

  • Hoist shores up capital with AT1 offer

    Hoist shores up capital with AT1 offer

    Hoist Finance is marketing an additional tier one, part of the debt purchaser’s journey back to capital health following a regulatory judgement that wiped 3.7 percentage points off its core equity tier one ratio. The deal follows a landmark non-performing loan securitization called Marathon, which saw CarVal Investors take risk off the Swedish firm’s balance sheet.

  • Swissport preps refi as HNA exit talks return

    Swissport preps refi as HNA exit talks return

    Swissport is looking to reprice its existing €850m term loan and add on another €50m, in a test of market appetite to tighten terms for companies with owners outside the top tier group of sponsors. The refi comes as reports suggest HNA Holdings, the Chinese conglomerate, is once again looking to sell the company after talks last year collapsed.

LevFin News Archive

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $bn No of issues Share %
1 11.40 17 28.01%
2 3.52 11 8.66%
3 3.02 12 7.42%
4 2.92 11 7.18%
5 2.53 14 6.23%

Bookrunners of European HY Bonds

Rank Lead Manager Amount $bn No of issues Share %
1 1.97 11 8.62%
2 1.90 15 8.31%
3 1.76 13 7.70%
4 1.56 13 6.85%
5 1.48 12 6.50%