Structured Bonds - All Articles

  • BT and BA keep US bonds alive as banks fear for H2 volumes

    Two UK borrowers braved the volatility in the US credit markets this week, while domestic issuers remained on the sidelines, as a senior US Federal Reserve official moved to reassure markets.

    • 28 Jun 2013
  • Brussels Airport has €500m debut as market stabilises

    Brussels Airport took advantage of a more stable day in European credit markets on Tuesday to launch its debut bond. Although the deal probably cost it more than it would have before the latest bout of volatility, the bond was well placed.

    • 28 Jun 2013
  • Deutsche Annington to sell unsecured bond after IPO

    Deutsche Annington, Germany’s largest residential property company, is roadshowing for its first unsecured corporate bond. The deal will be part of a wider refinancing of the company by its owner, Terra Firma, the UK private equity fund.

    • 28 Jun 2013
  • AA gets £1.3bn WBS away amid headwinds

    The UK’s largest car breakdown assistance company, the Automobile Association, overcame turbulent market conditions this week to price the first investment grade and high yield bonds from a new whole business securitization platform.

    • 28 Jun 2013
  • EC and EIB reveal three ways ABS could aid SMEs

    The European Commission and European Investment Bank have outlined the three ways they are considering using the securitization market to increase lending to European small- and medium-sized enterprises.

    • 27 Jun 2013
  • Opera CMH workout in disarray as buyout is rejected

    Class ‘C’ and ‘D’ noteholders have rejected a proposal to change the payment waterfall of the troubled Opera Finance (CMH) CMBS, scuppering Kennedy Wilson’s buy-out of the Irish portfolio backing the deal. Rather than leading to a quick enforcement, however, the failed vote opens the door to Northwood Investors’ last ditch restructuring proposal.

    • 27 Jun 2013
  • Volkswagen Driver 11 prices at tight end of guidance

    Volkswagen Bank has priced its second Driver German auto loan securitisation of the year at the tight end of guidance for the senior class ‘A’ notes, after starting guidance wide of initial price thoughts.

    • 27 Jun 2013
  • High yield not shut, say bankers, as bridged deals wait for stability

    The European high yield market is not shut, bankers were confident this week, as the last few days brought some market stabilisation. Two banks plan to start premarketing bonds as early as Monday, after the Markit iTraxx Crossover tightened 56bp since the start of the week.

    • 27 Jun 2013
  • Intralot could relaunch high yield bond soon as refinancing CB is getting urgent

    Intralot, the Greek gaming machines and systems provider, has postponed plans for a €300m unsecured high yield bond, but could try to access the market again soon, as it still wants to buy back its convertible bond.

    • 27 Jun 2013
  • Coming attraction: Vue prepares HY bond for LBO

    Vue Entertainment, the UK cinema chain, could start premarketing its high yield bond to finance its takeover by Omers Private Equity and Alberta Investment Management Corp as early as next week.

    • 27 Jun 2013
  • All Bonds league tables

    Dealogic league tables of bond transactions, June 26, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 27 Jun 2013
  • Pricing for VW’s Driver 11 tightened

    Volkswagen Bank is set to price its second Driver German auto loan securitisation at the tight end of guidance for the senior class ‘A’ notes, after starting guidance wide of initial price thoughts.

    • 27 Jun 2013
  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, dated June 26, 2013. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

    • 27 Jun 2013
  • International bonds league tables

    Dealogic league tables of bond transactions, June 26, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 27 Jun 2013
  • Troubled Opera CMH CMBS takes another twist as Kennedy Wilson offer is rejected

    Class ‘C’ and ‘D’ noteholders have rejected a proposal to change the payment waterfall of the troubled Opera Finance (CMH) CMBS, scuppering Kennedy Wilson’s buy-out of the Irish portfolio backing the deal. Rather than leading to a quick enforcement, however, the failed vote opens the door to Northwood Investors’ last ditch restructuring proposal.

    • 27 Jun 2013
  • Premarketing for Vue high yield bonds as early as next week

    Vue Entertainment, the UK cinema chain, could start premarketing for its high yield bond to finance its takeover by Omers Private Equity and Alberta Investment Management Corporation as early as next week.

    • 27 Jun 2013
  • High yield not closed, say bankers, as Crossover recovers

    The worst of the high yield market sell-off might be over in Europe, suggested market participants at the Euromoney Global Borrowers' and Investors' Forum in London today. This comes on a day when the Markit iTraxx Crossover tightened for the second day in a row — in what could indicate a market stabilisation.

    • 26 Jun 2013
  • VW forced wide of IPTs for Driver as market sell-off bites

    Formal guidance for Volkswagen Bank’s Driver 11 German auto loan securitization has been set wider than initial price thoughts in the class ‘A’ and ‘B’ tranches to take account of continued weakness in the secondary market.

    • 26 Jun 2013
  • Window market returns but corporates can handle it

    The lurching volatility in rates, equities and credit spreads as markets get used to the idea that US quantitative easing will have to be withdrawn are making life difficult for corporate bond issuers of all stripes.

    • 26 Jun 2013
  • AA gets secured senior and HY bonds away in difficult market

    Pricing for the Automobile Association’s debut issue of bonds backed by its entire business started at generous spreads for both the senior and high yield portions, but sterling investors demanded even more to get involved in the senior 12 year tranche.

    • 25 Jun 2013
  • Intralot postpones high yield bond debut

    Intralot, the Greek provider of gaming and transaction processing systems, has postponed its high yield bond debut. The Athens-listed company wanted to raise €300m in unsecured notes but on Friday decided to delay the issue, due to further deterioration in the market.

    • 25 Jun 2013
  • Pret a Rembourser: UK sandwich chain to issue recapitalisation loan

    UK sandwich shop chain Pret a Manger is set to issue a new £375m loan to refinance debt and pay a dividend to its owner Bridgepoint.

    • 24 Jun 2013
  • Special servicer sticks to Kennedy Wilson bid for Opera CMH

    Hypothekenbank Frankfurt, the special servicer for the troubled Irish CMBS Opera Finance (CMH), has not been swayed by a last ditch restructuring proposal and will press on with a noteholder vote to approve Kennedy Wilson’s cash offer for the underlying properties.

    • 24 Jun 2013
  • HSBC hires Faruqui for sponsors push in Europe

    HSBC has hired Omar Faruqui to run its UK financial sponsors business, as part of a continuing expansion of its global banking business.

    • 24 Jun 2013
  • VW readies second Driver ABS this year

    Volkswagen Bank is looking to sell its second securitization of the year from its German Driver programme. Leads expect VW’s broad investor base will ensure smooth execution, despite the difficult market conditions that have pushed non-captive and bank affiliate car loan ABS spreads wider in the secondary market.

    • 21 Jun 2013
  • Bond investors draw up wishlist amid turmoil

    Regional fund managers are considering their best investment options to ride out global bond markets roiled by the Federal Reserve’s announcement on Wednesday of its hope to end quantitative easing as soon as mid-2014.

    • 21 Jun 2013
  • AA Group brings rare non-property-based corporate ABS

    The UK’s largest roadside assistance provider, the Automobile Association, is preparing to sell the first batch of bonds, worth an expected £1bn to £1.1bn, from a new £5bn whole business securitization programme.

    • 21 Jun 2013
  • ABS picked out to assist SME lending, investors less certain

    Despite securitization being earmarked for a leading role in financing Europe’s cash-starved small and medium-sized enterprises, ABS investors at the Global ABS conference in Brussels expressed concern about poor quality origination if banks were leaned on to boost lending.

    • 20 Jun 2013
  • CLO market looks for new, compliant ways to retain risk

    CLO specialists are already thinking of ways they can comply with the European Banking Association’s new risk retention rules, after being thrown an unlikely lifeline by Sharon Bowles, MEP.

    • 20 Jun 2013
  • All Bonds league tables

    Dealogic league tables of bond transactions, June 19, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 20 Jun 2013
  • High yield after Bernanke: deals delayed but Intralot still coming

    European high yield suffered another “terrible market” on Thursday, after Federal Reserve chairman Ben Bernanke did not retreat on Wednesday from his previous position on tapering US quantitative easing.

    • 20 Jun 2013
  • International bonds league tables

    Dealogic league tables of bond transactions, June 19, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 20 Jun 2013
  • InterXion times HY bond right, just before FOMC sell-off

    InterXion has timed its high yield bond nicely. The seven year deal for the Dutch data centre provider was priced just before the Federal Open Market Committee meeting — in case the market did not like the outcome, according to a banker close to the deal.

    • 20 Jun 2013
  • Bain to finance Maisons du Monde LBO with HY bond

    Bain Capital is seeking to sell a high yield bond for its planned takeover of Maisons du Monde. The US private equity firm has entered into exclusive negotiations to buy the French furniture retailer for close to €650m.

    • 20 Jun 2013
  • ABS group about to unveil new capital charge model

    Six months after the Basel Committee on Banking Supervision proposed capital charges that could have annihilated the ABS market, the securitisation industry is about to hit back with a well-orchestrated and perfectly timed counter move that aims to catch the more positive political mood and shape the minds of regulators, writes Bill Thornhill.

    • 20 Jun 2013
  • Greece’s Intralot aims for Friday HY debut at 9.25%

    Intralot released price guidance for its €300m high yield debut on Thursday. The Greek provider of gaming and transaction processing systems wants to sell its five year senior notes in the 9.25%-9.5% area on Friday.

    • 20 Jun 2013
  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, dated June 19, 2013. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

    • 20 Jun 2013
  • Intralot high yield debut still on track to price on Friday

    Intralot released guidance for its €300m high yield debut on Thursday.

    • 20 Jun 2013
  • Bain to finance Maisons du Monde LBO with high yield bond

    Bain Capital is looking to sell a high yield bond for its planned takeover of Maisons du Monde. The US private equity firm has entered into exclusive negotiations to buy the French furniture retailer for close to €650m.

    • 20 Jun 2013
  • All eyes on Springer’s €2.5bn cov-lite loan

    A €2.5bn-equivalent cov-lite loan backing the €3.3bn acquisition of German publisher Springer Science by private equity firm BC Partners should prove no challenge for European investors, according to leveraged loan bankers.

    • 20 Jun 2013
  • Springer Science opts for LBO over IPO

    The long-anticipated exit for Swedish private equity firm EQT Partners from its Springer Science business will stay in the LBO market. Private equity fund BC Partners has outbid the public equity market with a sweetened offer of €3.3bn.

    • 19 Jun 2013
  • Bowles gives CLO risk retention flexibility short shrift

    Sharon Bowles, chair of the European Parliament’s economic and monetary affairs committee, has issued the securitization industry with an emphatic and uncompromising reminder that there was no scope to offload risk retention obligations.

    • 19 Jun 2013
  • InterXion increases high yield bond as market waits for Fed

    InterXion has increased its high yield bond offering by €25m to €325m, despite the volatility in the market. The seven year bond for the Dutch data centre provider was priced at the tight end of guidance today.

    • 19 Jun 2013
  • AA Group new secured debt programme hits the road

    The UK’s largest roadside assistance provider, the Automobile Association, is preparing to sell the first batch of bonds from a new £5bn whole business securitization programme.

    • 17 Jun 2013
  • Altice high yield bond trades well after pricing at tight end

    Altice, the European cable and telecoms business, has sold its €250m high yield bond at the tight end of guidance, despite market jitters. The notes traded just above par on Monday.

    • 17 Jun 2013
  • InterXion launches €300m refi high yield bond

    InterXion, the Dutch data centre provider, is looking to raise €300m in the high yield bond market to finance a tender offer for its 2017 bond.

    • 17 Jun 2013
  • Intralot to debut in high yield market to refi convertible

    Intralot, the Greek provider of gaming and transaction processing systems, is looking to sell €300m of high yield bonds.

    • 17 Jun 2013
  • RCI Banque to retain dealer floorplan ABS

    RCI Banque, the car financing unit of Renault, will retain a French dealer floorplan securitisation, FCT Cars Alliance DFP 2013-1, which is backed by financing originated by RCI subsidiary DIAC to various French auto dealerships.

    • 14 Jun 2013
  • Alcentra takes vertical slice to price Jubilee X CLO

    Alcentra has priced the seventh European collateralised loan obligation — the JP Morgan-arranged Jubilee 2013 X — of the year this week, with Alcentra understood to be taking down a vertical slice of the bonds to comply with the European Banking Authority’s proposed changes to the 5% risk retention rule.

    • 14 Jun 2013
  • Cabot seeks put waiver after second takeover

    Cabot Financial, the UK purchaser of defaulted consumer debt, is asking its bondholders for consent to waive their change of control puts.

    • 13 Jun 2013
  • Seat Pagine Gialle holders lawyer up for restructuring

    Bondholders of Seat Pagine Gialle, the ailing Italian directories group, appointed a representative for the company’s looming restructuring process. The Milan-based lawyer Dario Loiacono will represent the holders of Seat’s €550m and €200m of 10.5% senior secured notes until 2015.

    • 13 Jun 2013
  • Altice braves tumult with €250m HY transaction

    Cable and telecoms business Altice is braving the high-yield market with a €250m transaction. The announcement of the 10 year unsecured bond came on Wednesday, only a day before Unilabs postponed its bond because of market volatility (see separate story).

    • 13 Jun 2013
  • Unilabs postpones HY bond issue as market worsens

    Unilabs postponed its €685m high yield bond sale on Thursday, because of market volatility. The Geneva-based laboratory business had already made substantial concessions on price and structure on Wednesday.

    • 13 Jun 2013
  • LBBW and Gallinat gauge interest for TruckLease 3

    Landesbank Baden-Württemberg and Gallinat Bank AG have approached several investors with a view to placing notes from TruckLease SA Compartment No 3, a securitization of German leases to buy trucks, passenger cars and other vehicles.

    • 13 Jun 2013
  • Barry Callebaut cuts bond to $400m as market weakens

    Barry Callebaut, the newly speculative grade-rated company, succeeded in pricing its 10 year high yield bond on Thursday, but cut it from $600m to $400m in tough market conditions.

    • 13 Jun 2013
  • GE Money prices follow up Swiss auto lease trade

    GE Money Bank AG has priced its second securitization, Swiss Auto Lease 2013-1 GmbH, with Credit Suisse as sole arranger and lead manager.

    • 13 Jun 2013
  • Gagfah’s €2bn CMBS prices wide of guidance at bottom of cap stack

    Gagfah’s new €2bn multi-family CMBS was priced successfully this week, but only after the deal’s leads put some extra spread on the table for the class ‘D’ and ‘E’ tranches to allay concerns about widening CMBS secondary spreads.

    • 13 Jun 2013
  • SMCP waits out bad days, then sells €290m HY bond

    SMCP, the French high end fashion retailer, waited over last weekend before selling its debut high yield bond on Monday, hoping for better market conditions after the previous Thursday’s volatile trading session.

    • 13 Jun 2013
  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, dated June 12, 2013. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

    • 13 Jun 2013
  • International bonds league tables

    Dealogic league tables of bond transactions, June 12, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 13 Jun 2013
  • Gagfah’s jumbo €2bn CMBS prices wide of initial guidance at bottom of cap stack

    Leads have successfully priced Gagfah’s €2bn GRF German multi-family CMBS after putting extra spread on the table for investors in the class ‘D’ and ‘E’ tranches to allay concerns about widening CMBS secondary spreads.

    • 13 Jun 2013
  • Alcentra takes vertical slice to price CLO

    Alcentra has priced the seventh European collateralised loan obligation — the JP Morgan-arranged Jubilee 2013 X — of the year this week, with Alcentra understood to be taking down a vertical slice of the bonds in order to comply with the European Banking Authority’s proposed changes to the 5% risk retention rule.

    • 13 Jun 2013
  • Unilabs postpones HY bond issue as market worsens

    Unilabs has postponed its high yield bond today, because of market volatility. The Geneva-based laboratory business had already made concessions on price and structure on the €510m of senior secured bonds and €175m PIK notes yesterday, but banks today decided to put the sale on hold.

    • 13 Jun 2013
  • High yield party sours as rates rise and funds flee

    Europe’s high yield market, which has enjoyed one of its longest unbroken runs of favourable market conditions since last September, has hit a nasty rough patch. After all the triumph over unprecedentedly low coupons and a record first half of issuance, the music has not quite stopped — but it has been turned right down.

    • 13 Jun 2013
  • Unilabs sets guidance much wider at 8.75% to 9%

    Unilabs has released guidance on its high yield bonds. The Geneva-based laboratory business has had to make concessions on price and structure to attract investors in the present volatile market environment.

    • 12 Jun 2013
  • Price guidance for €2bn GRF CMBS starts wide of Taurus

    The leads on the €2bn German Residential Funding (GRF) multi-family CMBS have started pricing at levels wider than where the year’s other multi-family CMBS, Taurus, was priced.

    • 12 Jun 2013
  • Barry Callebaut to price high yield bonds tomorrow

    Barry Callebaut, the newly speculative grade-rated Swiss chocolate company, has released guidance for its $600m 10 year bond. The notes are talked in the 5.5%-5.75% area, with books closing tomorrow.

    • 12 Jun 2013
  • Altice looks for covlite, high yield bond to finance structure changes

    European cable TV holding company Altice has launched a €1.045bn loan and high yield bond transaction to finance a series of changes in the company's structure.

    • 12 Jun 2013
  • High yield issuers wait to find new clearing price

    European high yield bankers are putting the brakes on new deals, as secondary market volatility makes it hard to put a price on new issues.

    • 11 Jun 2013
  • Cabot looks for consent to waive change of control put

    Cabot Financial is asking its bondholders for consent to waive their change of control put. A majority stake in the UK debt purchaser has been bought by Encore Capital, just weeks after US private equity firm JC Flowers acquired the business

    • 09 Jun 2013
  • SMCP waits out the weekend to sell high yield bond on Monday

    SMCP, the French high end fashion retailer, waited over the weekend before selling its debut high yield bond today, hoping for better market conditions after Thursday's volatile trading session. The French retailer priced its €290m 2019 bond on Monday.

    • 09 Jun 2013
  • Seat Pagine Gialle waits for bondholder rep to start restructuring

    Holders of Seat Pagine Gialle’s 2017 bonds are meeting to elect a common representative for the company’s looming restructuring process.

    • 09 Jun 2013
  • GE Money Bank preparing sophomore lease ABS

    GE Money Bank AG is revving up its second securitisation, Swiss Auto Lease 2013-1 GmbH, following its market debut in the spring of 2012. Credit Suisse is sole arranger and lead manager on the deal.

    • 09 Jun 2013
  • InterGen picks dollar high yield over sterling on large price difference

    InterGen has sold its more than $1bn-equivalent bond issue in dollars and sterling, heavily skewed towards dollars. This came after the European high yield market suffered losses and made sterling investors ask for a higher coupon for a shorter bond.

    • 09 Jun 2013
  • Unite £380m student halls ABS prices tight

    Unite Group, the UK student accommodation provider, launched its fifth debt capital markets transaction on Thursday, raising a £380m secured bond to refinance a securitisation, sold in December 2006.

    • 06 Jun 2013
  • Red faces at Equiniti but re-issued £440m still five times covered

    Equiniti, the UK financial services outsourcing group, had to take the highly unusual step this week of withdrawing a high yield bond between pricing and settlement, and then re-selling the bond with adjusted terms.

    • 06 Jun 2013
  • CMBS revival rolls on with jumbo €2bn deal

    German real estate company Gagfah GmbH is out with a staggering €2bn multi-family CMBS that bankers say confirms the standing of the CMBS market as the most efficient way to refinance large multi-family portfolios.

    • 06 Jun 2013
  • Unilabs seeks European, US investors on first HY outing

    Unilabs, the Geneva-based laboratory and radiology services company, is looking for a €685m high yield bond issue. The three tranche deal, announced on Tuesday afternoon, will be its bond market debut.

    • 06 Jun 2013
  • Carlyle shows no 122a concerns, prices CLO

    The Carlyle Group has priced and increased the size of its Barclays-arranged Carlyle Global Market Strategies Euro CLO 2013-1 collateralised loan obligation from €300m to €350m, which market professionals in London said demonstrated the sustained demand for new-issue CLOs in Europe this year.

    • 06 Jun 2013
  • Opera CMH bondholders to mull tweaks

    Bondholders in the 2006 Opera Finance (CMH) commercial mortgage securitisation are set to meet to vote on a proposed tweak to the way money raised from the sale will be distributed to each tranche.

    • 06 Jun 2013
  • Banque PSA completes hat-trick of auto ABS issuance since May

    Banque PSA Finance, Peugeot-Citroën’s car finance arm, successfully priced its latest French auto loan securitisation on Thursday afternoon, which completes a hat-trick of ABS issuance since the beginning of May for the French borrower.

    • 06 Jun 2013
  • Bookrunners of Asia Pacific (ex-Japan) bonds in $, € and ¥ — 2013 (June 6, 2013)

    • 06 Jun 2013
  • Bravida drops fixed, sells only FRNs

    Swedish installation services company Bravida has sold its €375m debut high yield bond to strip its debt of maintenance covenants. The financing in euros and Swedish krona was entirely sold in floating rate notes, which are being dubbed "cov-lite loans" by many leveraged finance participants.

    • 06 Jun 2013
  • Bakkavor hit by volatility, has to price £150m bond at 9%

    Bakkavor, a producer of fresh and prepared foods, was hit by a rapidly deteriorating high yield market on Thursday, forcing it to price its £150m bond at the wide end of widened guidance.

    • 06 Jun 2013
  • Bonds Tables 1308

    • 06 Jun 2013
  • Bookrunners of Asia Pacific bonds in $, € and ¥ — 2013 (June 6, 2013)

    • 06 Jun 2013
  • SMCP fashion group on verge of €290m deal

    SMCP, the French high end fashion retailer bought by KKR, launched its premarketed high yield bond on Tuesday. A €290m senior secured seven year bond could come as early as Friday.

    • 06 Jun 2013
  • 1st Credit picks private sale for debut high yield bond

    European high yield issuers rarely use private placements, unlike their US cousins. But 1st Credit, a buyer of UK defaulted consumer debt, did just that for its debut bond — a £100m secured seven year non-call three.

    • 06 Jun 2013
  • Barry Callebaut seeks $600m as US HY ails

    Barry Callebaut, the Swiss-based chocolate company, is planning to raise $600m of 10 year bonds, having recently been downgraded to speculative grade. It wants to part-finance its acquisition of Petra Foods’ cocoa ingredients business.

    • 06 Jun 2013
  • Banque PSA completes hat-trick of ABS since May

    Banque PSA Finance, Peugeot-Citroën’s car finance arm, successfully priced its latest French auto loan securitisation on Thursday afternoon, completing a hat-trick of ABS issuance since the start of May for the French borrower.

    • 05 Jun 2013
  • Opera CMH bondholders to examine payout tweaks

    Bondholders in the 2006 Opera Finance (CMH) commercial mortgage securitisation are set to meet to vote on a proposed tweak to the way money raised from the sale will be distributed to each tranche.

    • 05 Jun 2013
  • Unite’s £380m student housing securitisation prices inside comps

    Unite Group, the UK student accommodation provider, launched its fourth debt capital markets transaction today, raising a £380m secured bond to refinance an older securitisation, sold in December 2006.

    • 05 Jun 2013
  • Bakkavor widens guidance for £150m high yield bond

    Bakkavor, a producer of fresh and prepared foods, has widened guidance on its £150m high yield bond by 75bp to 8.75%-9% and plans to price it today. Credit markets were again weaker on Thursday, which made some investors think the bond should come on Friday.

    • 05 Jun 2013
  • 1st Credit picks private placement for debut HY

    European high yield issuers rarely venture into the private placement market, unlike their US cousins. But 1st Credit, a buyer of UK defaulted consumer debt, did just that for its debut bond — a £100m secured seven year non-call three.

    • 04 Jun 2013
  • Equiniti finally gets bond away — minus half the book, but still five times covered

    Equiniti wrapped up the second stab at its high yield debut on Tuesday night, getting the £440m deal away successfully but with the order book looking a little different to its first, highly oversubscribed attempt on May 23.

    • 04 Jun 2013
  • Records fall in European CMBS market after shock jumbo German real estate deal

    German real estate company Gagfah GmbH is out with a staggering €2bn multi-family CMBS, German Residential Funding 2013-1, making it comfortably the largest securitisation of commercial real estate in Europe since the 2008 financial crisis. It comes only a month after another €1bn loan for the same company was securitised in the year’s first CMBS, Taurus 2013-1.

    • 04 Jun 2013
  • SMCP launches premarketed high yield bond

    SMCP, the French high end fashion retailer, which was bought by KKR, has announced its premarketed high yield bond. A roadshow for the €290m senior secured seven year bond starts tomorrow.

    • 03 Jun 2013
  • Gottex Brokers opens for credit trading in London

    Gottex Brokers, the interdealer broker owned by the Swiss asset manager Gottex Fund Management Holdings, has opened a London office.

    • 03 Jun 2013
  • Banque PSA stays wide of French pack for latest auto ABS

    Leads have opened books on Banque PSA Finance’s latest securitisation of French auto loans, setting guidance 5bp wider than the German auto ABS that it priced in May and at an even greater discount to other French auto ABS paper.

    • 03 Jun 2013
  • Equiniti is back with guidance for nearly identical escrow bond

    Equiniti, the UK outsourcing company, which yesterday had to withdraw its £440m high yield bond issue priced on Thursday May 23, has launched an equivalent bond issue today.

    • 03 Jun 2013