Euro CLOs' most sold loan is Swissport

swissport 575x375 from company
By Owen Sanderson
17 Sep 2020

Swissport has been by far the most sold asset in European CLO portfolios since March, with €384m out of a €900m facility traded, according to trustee reports and Bank of America research. Managers exited the loan at an average price of 74. In an agreement reached two weeks ago, all secured debt will convert to equity, with unsecured debt extinguished.

While Swissport is far from the only live restructuring in European leveraged finance this year, its loan was large and widely held, with some of the other struggling firms financed in the bond market — retailers Hema and Matalan, for example, or Europcar, which announced its restructuring plans ...

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