Bank of America
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The leveraged finance market suffered an unpleasant shock this week, when $5.6bn of loans and bonds for the Carlyle Group’s acquisition of Veritas Software had to be pulled. Bankers were left blaming market sentiment, an aggressive structure — and each other, write Max Bower and Victor Jimenez. -
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Avago Technologies, the US semiconductor components maker, has increased the €500m tranche of its term loan ‘B’ to €900m on strong demand, in another sign of the European leveraged loan market’s competitiveness.
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Avago Technologies, the US semiconductor components maker, has increased the €500m tranche of its term loan ‘B’ to €900m on strong demand, another sign of the European leveraged loan market's competitiveness at the moment.
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Bankers and investors on Wednesday said the failure of Veritas Technologies' $2.5bn bond deal — which was pulled along with an accompanying $3.3bn loan package on Tuesday — showed evidence of familiar weaknesses and errors in the European high yield market.
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The weakness of the US leveraged finance market was brought home to market participants with a jolt on Tuesday, when the Carlyle Group, which is buying Veritas Technologies, a US data storage company, abandoned its attempt to raise $3.3bn of debt for the deal.
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Hong Kong property company New World Development has picked banks to arrange investor meetings ahead of a proposed dollar offering.
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ING Bank was able to price its debut euro green bond inside its regular senior curve on Tuesday, with bankers estimating a very slim premium for the well subscribed trade.
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Veritas Technologies, the Californian data storage company, has increased its high yield bond issue to make up for a disappointing loan financing. But initial price talk has yet to emerge.
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Dali Foods Group Co priced its HK$8.87bn ($1.14bn) Hong Kong IPO close to the bottom of the range, as price sensitive investors called the shots.
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Star Petroleum Refining has started building books for its Bt15.6bn ($440m) IPO, as the leads hope to reel in investors to a rare benchmark-sized deal from Thailand that is offering an attractive dividend yield and discount to peers.
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International Airlines Group, the company that owns British Airways and Iberia, issued a highly successful €1bn convertible bond on Thursday, to refinance its acquisition of Aer Lingus, the Irish flag carrier.
