High Yield Bonds

  • Dealogic parent preps to strip out costly private debt as strong results cut leverage

    Dealogic parent preps to strip out costly private debt as strong results cut leverage

    Ion Investment Group is preparing to combine its Dealogic and Mergermarket units under a single corporate entity, ION Analytics, and refinance the group’s expensive private debt raised last year with a cheaper, broadly syndicated loan package across dollars and euros. A strong performance over the last year should encourage investors to look past the group’s previous struggles with access to the public markets.

  • Permira splashes cash on Lowell rescue ahead of 2021 NPL splurge

    Permira splashes cash on Lowell rescue ahead of 2021 NPL splurge

    Permira opted to rescue its debt purchasing portfolio company Lowell from the restructuring that many thought was imminent, with the largest slug of equity support any sponsor has injected in Europe since the coronavirus pandemic began. Covid-19 has crushed cashflows for some debt purchasers, but next year should be a bumper year for NPL buying — for those firms with cash to do so, writes Owen Sanderson.

  • eBay Classifieds underlines strength of final market window

    eBay Classifieds underlines strength of final market window

    The €2.6bn financing for Adevinta’s purchase of eBay Classifieds looks set to be a blowout success, with sharp tightening across all tranches underlining the bid for quality credits enduring limited pandemic impact. The deal’s double-B rating helps attract rating-sensitive investors who have seen their portfolios pummelled this year by Covid-related downgrades.

  • Levfin bankers optimistic as liquidity returns

    Levfin bankers optimistic as liquidity returns

    Leveraged finance bankers coping with a slump in deal flow in Asia this year are gearing up for a bumper start to 2021, as a return of liquidity and growing interest from institutional investors for loans set the stage for a market revival. Pan Yue reports.

  • Permira digs deep to recap Lowell as NPL expectations build

    Permira digs deep to recap Lowell as NPL expectations build

    Permira and partners have injected £600m of equity into their debt collector portfolio company Lowell as part of a £2.2bn recapitalisation and refinancing effort for the troubled company, which saw its bonds heavily shorted and was widely expected to restructure its liabilities this year. The contribution is the largest equity injection from a sponsor in EMEA since the coronavirus pandemic began, and reflects what Lowell's management sees as a historic opportunity to buy NPL portfolios in the months ahead.

  • UBS IB benefits from leveraged capital markets, IP sale

    UBS IB benefits from leveraged capital markets, IP sale

    UBS's investment bank beat analyst consensus as capital markets revenue was up sharply year-on-year, while a sale of intellectual property rights resulted in a one-off gain, the bank showed in third quarter results on Tuesday.

High yield bond news archive