LevFin

Other news

  • Intu the mire as distressed buyers circle UK property co

    Intu the mire as distressed buyers circle UK property co

    GlobalCapital understands distressed debt buyers are seeking advice on how to target debt issued by intu Properties, especially its 2022 convertible bonds, now trading below 70, as the shopping centre company reels from the wave of restructurings and rent reductions by some of UK’s largest retailers.

  • Kiloutou scores flexibility with loan-to-bond refi

    Kiloutou scores flexibility with loan-to-bond refi

    French equipment leasing firm Kiloutou locked in an opportunistic refinancing of its loans with a new dual tranche €820m high yield bond on Thursday, easing its covenant constraints at the expense of adding call protection. At initial talk, the deal appeared to have little pricing rationale, but the market proved keen to support it, and the company added an extra €40m and priced through guidance.

  • MUFG hires Barclays’ Ferrario in financials push

    MUFG hires Barclays’ Ferrario in financials push

    Matteo Ferrario is joining MUFG from Barclays, where he led the asset finance origination unit. He will be reunited with John Winter, who joined the Japanese bank earlier this year and will be his boss.

  • Houlihan’s European expansion rolls on

    Houlihan’s European expansion rolls on

    Houlihan Lokey’s European corporate finance land grab has made its fifth acquisition since 2014, writes David Rothnie, at a time when the fluctuations of the credit cycle may be about to lead to more restructurings.

  • Commercial banks lead highly levered LGC financing

    Commercial banks lead highly levered LGC financing

    Commercial banks are in the driving seat for the highly levered financing of Cinven and Astorg’s purchase of testing business LGC Group. Regulatory issues are said to have kept some US banks away from the deal, but others question whether a large revolver commitment had more of an impact.

  • Go ‘overweight’ in CLOs next year, says BofA

    Go ‘overweight’ in CLOs next year, says BofA

    Market participants should take advantage of any spread widening in CLOs between now and year end, said Bank of America research analysts, as they predict that bonds throughout the capital stack will rally in 2020.

  • Wepa sweeps HY market with €550m refinancing

    Wepa sweeps HY market with €550m refinancing

    German family-owned tissue and toilet paper manufacturer Wepa is marketing €550m of senior secured notes with an intention to extend maturities and slash interest expenses. It is following a number of other double-B issuers in to the market.

  • Assemblin wants to heat up euro high yield with €250m debut

    Assemblin wants to heat up euro high yield with €250m debut

    Swedish heating and ventilation service provider Assemblin is braving the euro-denominated high yield market for the first time with €250m bond issue, used for refinancing and dividends. Exceptionally favourable conditions lured Triton-backed Assemblin to try its hand with international investors.

  • Avia $300m debut bond lands safe but at steep price

    Avia $300m debut bond lands safe but at steep price

    Aircraft leasing and aviation services company Avia Solutions Group became the latest debutant in the European high yield bond market on Tuesday. Central bank monetary policy has eased the path for a number of debuts in the last couple of weeks.

  • Direct lending no threat to syndicated debt

    Direct lending no threat to syndicated debt

    Direct lending funds have raised more money than ever this year, and are writing ever bigger cheques in the sort of investments usually done by broad syndication. However, in all but a handful of cases, syndicated financing is the better option.

  • High yield tourists head first for hybrid

    High yield tourists head first for hybrid

    Unlike in 2016, investment grade bond buyers reaching for yield after the European Central Bank started buying eurozone corporate bonds have been heading first for longer-dated investment grade and subordinated bonds, rather than dipping down into high yield territory.

  • UK remains hot spot for European direct lenders despite Brexit risks

    UK remains hot spot for European direct lenders despite Brexit risks

    Credit fund money is flooding into UK companies, despite a shaky economy and prolonged uncertainty surrounding the country’s exit from the EU. Less popular markets such as the Nordics present expansion opportunities, but the UK has consistently been the top location for private debt deals.

LevFin News Archive

People & markets

Comment

  • Houlihan’s European expansion rolls on

    Houlihan Lokey’s European corporate finance land grab has made its fifth acquisition since 2014, writes David Rothnie, at a time when the fluctuations of the credit cycle may be about to lead to more restructurings.

  • Europe HY turning worryingly eccentric

    Central bank money is flooding into bonds, making the European high yield market a bizarre place where a double-B rated issuer can pay a coupons of less than 1%. That is attracting first-time issuers with risky, opaque businesses who are getting away with offering scant investor protection.

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $bn No of issues Share %
1 22.52 104 10.15%
2 16.98 66 7.66%
3 13.34 64 6.01%
4 11.92 72 5.38%
5 11.30 59 5.09%

Bookrunners of European HY Bonds

Rank Lead Manager Amount $bn No of issues Share %
1 7.62 62 7.82%
2 7.30 45 7.49%
3 6.92 54 7.10%
4 6.35 55 6.52%
5 6.27 42 6.44%