Structured Bonds - All Articles

  • VW’s smash and grab hybrid stuns corp market

    Volkswagen underscored the strength of appetite for corporate credit by taking the bond market by complete surprise on Thursday when it issued the first hybrid deal from a carmaker since the credit crisis. Incredibly, VW got the €2bn two-tranche perpetual away in a single day’s offering — more smash and grab than drive-by. After attracting a €4.5bn torrent of orders the company was even able to increase and tighten the deal and still see it trade up, writes Stefanie Linhardt.

    • 29 Aug 2013
  • BSN Medical wraps up loan refinancing in good health

    BSN Medical, the German bandage maker, allocated the refinancing of its euro and dollar term loan 'Bs' late last week. The issuer achieved margins 75bp-100bp tighter than original guidance after attracting investor interest despite a quiet August in the leveraged loan market.

    • 29 Aug 2013
  • Western European syndicated loans, news in brief - August 30, 2013

    Western European syndicated loans

    • 29 Aug 2013
  • Deutsche Bank privately places Quokka CMBS refi

    Luxembourg-based BGP Investment is said to be closing a new €386m privately placed German multifamily commercial mortgage securitization, which refinances Quokka Finance Plc, a legacy €617.5m CMBS from 2006 that matured earlier this month.

    • 29 Aug 2013
  • European high yield set for €5bn September

    After an August bereft of deals, the European high yield market is gearing up for a return of transactions in September. While issuance is not expected to top last year's €9.1bn equivalent September record, some €5bn of deals could be in the making.

    • 29 Aug 2013
  • Numéricable presses on with plans for likely IPO

    Numéricable, the French cable operator, has entered discussions with investors about a potential takeover of its sister company Completel. The documentation amendments, which leads presented in a conference call on Wednesday evening, are part of Numéricable’s broader preparation for an initial public offering.

    • 29 Aug 2013
  • International bonds league tables

    Dealogic league tables of bond transactions, August 28, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 29 Aug 2013
  • All Bonds league tables

    Dealogic league tables of bond transactions, August 28, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 29 Aug 2013
  • All Revenue league tables

    Dealogic league tables of total revenue transactions, August 30, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

    • 29 Aug 2013
  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, dated August 30, 2013. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

    • 29 Aug 2013
  • Metallum’s documentation talks drag on

    Switzerland's Metallum expects to allocate its €295m loan package next week, more than a month after it received final commitments from investors on August 2.

    • 29 Aug 2013
  • Numéricable presses on with IPO plans

    Numéricable, the French cable operator, has entered discussions with investors about a potential takeover of its sister company Completel. The documentation amendments, which leads presented in a conference call on Wednesday evening, are part of Numéricable’s broader preparation for an initial public offering.

    • 29 Aug 2013
  • From Beaufort to Bregal: proALPHA switches hands in LBO

    Germany’s proALPHA has issued €66m of loans to finance its acquisition by private equity firm Bregal Capital. The software provider was previously owned by its two founders Leo and Werner Ernst and by Beaufort Capital.

    • 29 Aug 2013
  • European HY set for €5bn September

    After an August bereft of deals, the European high yield market is gearing up for a return of transactions in September. While issuance is not expected to top last year's €9.1bn equivalent September record, some €5bn of deals could be in the making.

    • 29 Aug 2013
  • Deutsche Bank privately places Quokka CMBS refi

    Luxembourg-based BGP Investment S.à r.l. is said to be closing a new €386m privately placed German multifamily commercial mortgage securitization, which refinances Quokka Finance Plc, a legacy €617.5m CMBS from 2006 that matured earlier this month.

    • 28 Aug 2013
  • Chesapeake to release loans box set

    The UK’s packaging manufacturer Chesapeake expects to launch the syndication of £290m-equivalent of loans on Thursday morning. The debt will support its leveraged buy-out by private equity firm Carlyle.

    • 28 Aug 2013
  • BMW, Honda, Orange get market in September mood

    BMW Finance, American Honda and Orange ended the summer corporate bond deal drought, selling €3.5bn of bonds on Tuesday, ahead of what is expected to be a busy September.

    • 28 Aug 2013
  • BSN Medical wraps up loan refi

    BSN Medical, the German bandage maker, allocated the refinancing of its euro and dollar term loan 'Bs' late last week. The issuer achieved margins 75bp-100bp tighter than original guidance after attracting investor interest despite a quiet August in the leveraged loan market.

    • 27 Aug 2013
  • High yield suffers in August heat

    The high yield market felt the August influence last week as trading was thin, no new primary deal plans dripped through and fund flows reduced to a minimum.

    • 27 Aug 2013
  • Lev loans on radar, but India to miss out

    Bankers in Asia are expecting a pickup in loan activity, believing that corporates will realise that now is the time to tap the market for leveraged loans. While hopes are high for deals from more active markets such as Australia and China, bankers say India is worrisome owing to some recent regulatory changes.

    • 27 Aug 2013
  • Euro CMBS up on last year, but refi headaches remain

    European CMBS issuance is forecasted to reach €6.5bn this year — over double the €3.2bn in 2012 — but most outstanding loans are unlikely to be refinanced in the CMBS market, said Standard & Poor’s this week.

    • 23 Aug 2013
  • RBS names Tynan as head of syndicate EMEA

    Richard Tynan has been appointed head of syndicate EMEA at RBS in London. He replaces Myles Clarke, who was named COO of RBS's new markets client board in July.

    • 23 Aug 2013
  • Exotix expands in core Europe with Fessler hire

    Boutique investment bank Exotix has hired Andreas Fessler to bolster its European team as it expands beyond its emerging market roots into traditional credit markets, writes Stefanie Linhardt.

    • 22 Aug 2013
  • Finnair lands €150m with sole euro corporate bond in August

    Finnair, the partially state-owned Finnish airline, sold the first euro-denominated corporate bond of August on Thursday. The unrated company priced a €150m five year bond at the tight end of guidance — a result that could tempt some other Finnish corporates to the market.

    • 22 Aug 2013
  • Gagfah eyes another CMBS to refinance NILEG portfolio

    German property company Gagfah is considering using a CMBS to refinance three multi-family housing portfolios from its NILEG subgroup ahead of the loans’ April 2014 maturity date.

    • 22 Aug 2013
  • AsiaInfo LBO and Indomobil loans wrap up

    Bankers have completed the syndication of AsiaInfo Linkage’s $330m leveraged buyout loan and Indomobil Finance Indonesia’s $126m three year financing.

    • 22 Aug 2013
  • Healthcare sector on top of levloan market in quiet August

    The healthcare sector is proving popular in the European leveraged loan market, with two borrowers successfully closing transactions this week even though most bankers and investors are still on their summer holidays.

    • 22 Aug 2013
  • Mizuho loses high yield syndicate and research heads

    Mizuho International has been hit by the departures of Jermaine Jarrett, head of high yield syndicate and capital markets, and Peter Din, head of high yield research. A spokesperson for Mizuho confirmed that both were on gardening leave.

    • 22 Aug 2013
  • High yield still most favoured asset class in Europe, says Fitch

    High yield bonds is European fixed income investors' most favoured asset class for the third quarter in a row, according to rating agency Fitch.

    • 22 Aug 2013
  • ETFs flex muscles in HY as dealers shrink inventory

    Exchange-traded high yield funds are exerting increasing influence on the US high yield bond market, said Fitch Ratings, while dealer banks are holding smaller inventories of corporate bonds. The trend could come to Europe even though ETFs make up a smaller part of the market there.

    • 22 Aug 2013
  • This weeks Markit data

    CDS: week’s biggest movers — Markit CDX North America investment grade index — Markit iTraxx Europe subordinated financials index — Markit iTraxx Europe senior financials index — Markit iTraxx SovX Western Europe index — Markit iTraxx Europe index — Markit iTraxx crossover index

    • 22 Aug 2013
  • All Bonds league tables

    Dealogic league tables of bond transactions, August 21, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 22 Aug 2013
  • All Revenue league tables

    Dealogic league tables of total revenue transactions, August 22, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

    • 22 Aug 2013
  • International bonds league tables

    Dealogic league tables of bond transactions, August 21, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 22 Aug 2013
  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, dated August 22, 2013. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

    • 22 Aug 2013
  • Finnair flies in €150m bond at tight end of guidance on €500m book

    Finnair, the Finnish state-owned airline, sold August's first euro-denominated corporate bond on Thursday. The unrated company priced €150m in a five year transaction at the tight end of guidance.

    • 22 Aug 2013
  • Rana joins high yield team at RBS

    RBS has hired Monica Rana for its high yield team in London.

    • 22 Aug 2013
  • Host Europe greets lenders to its LBO debt package

    Host Europe has fixed guidance on the size and pricing of its new credit facilities. The debt will back the UK website host’s £438m buy-out by private equity firm Cinven.

    • 22 Aug 2013
  • Mizuho loses high yield syndicate and research heads

    Mizuho International has been hit by the departures of Jermaine Jarrett, head of high yield syndicate and capital markets, and Peter Din, head of high yield research. A spokesperson for Mizuho confirmed that both were on gardening leave.

    • 22 Aug 2013
  • Finnair on runway for €150m five year bond

    Finnair, the Finnish state-owned airline, has launched an unrated bond that will be sold on Thursday. The €150m five year transaction will be priced at the tight end of guidance.

    • 22 Aug 2013
  • BSN Medical's refi to close in the best of health

    BSN Medical, the German bandage maker, expects to complete the refinancing of its euro and dollar term loan 'Bs' by Friday, after receiving final commitments from investors on Wednesday. The margins were reverse flexed for a second time — by a further 25bp — on Tuesday.

    • 22 Aug 2013
  • Cinven buys Heidelberger Leben for €300m

    Private equity firm Cinven has agreed to buy acquire an 80% stake in Heidelberger Lebensversicherung, the German life insurer, from Lloyds Banking Group for €300m.

    • 21 Aug 2013
  • Exotix expands in core Europe with Fessler hire

    Boutique investment bank Exotix has hired Andreas Fessler to bolster its European team as it expands beyond its emerging market roots into traditional credit markets.

    • 21 Aug 2013
  • Campbell Europe soups up August dealflow

    Campbell Europe, the division of soup maker Campbell Soup Co which operates in continental Europe, has set margin guidance on its new €320m senior loans package. The deal is a rare case of new money issuance in an otherwise quiet month.

    • 21 Aug 2013
  • AsiaInfo LBO wraps up with 11 banks

    Bankers on AsiaInfo Linkage’s $330m leveraged buyout loan have wrapped up the financing after six lenders joined during syndication.

    • 21 Aug 2013
  • High hopes for corporate issuance in September

    The corporate bond market is showing the first signs of an end to the summer break after Madrileña Red de Gas, a leading independent gas distributor in Spain, has mandated banks to organise investor meetings for a debut bond issue.

    • 21 Aug 2013
  • Skrill plans September launch

    Skrill, the UK online payment company, will wait until the end of the summer break before launching a €305m loan package that backs its leveraged buyout by private equity firm CVC.

    • 20 Aug 2013
  • OGX could see distressed exchange as LatAm leads EM defaults, says S&P

    Bondholders of Brazilian oil and gas producer OGX could face a distressed debt exchange or similar restructuring as the company’s liquidity pressures reach critical levels, said Standard & Poor’s.

    • 20 Aug 2013
  • ETFs exert high yield influence as dealers shrink inventory

    Exchange-traded high yield funds are exerting increasing influence on the US high yield bond market, said Fitch Ratings, while dealer banks are holding fewer inventories of corporate bonds. The trend could come to Europe but ETFs still make up a smaller part of the market.

    • 20 Aug 2013
  • Gagfah eyes another CMBS, for NILEG portfolio

    German property company Gagfah is considering using a CMBS to refinance three multi-family housing portfolios from its NILEG subgroup ahead of the loans’ April 2014 maturity date.

    • 19 Aug 2013
  • All Bonds league tables

    Dealogic league tables of bond transactions, August 14, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 19 Aug 2013
  • BMI slashes debt with A&E

    BMI Healthcare finalised an amendment and extension of its debt on Monday as it repaid £60m and pushed out maturities.

    • 19 Aug 2013
  • Alcatel-Lucent USA reprices debt

    The US subsidiary of Alcatel-Lucent, the French telecommunications equipment company, is repricing some of its outstanding transatlantic debt.

    • 19 Aug 2013
  • CVC prepares Skrill takeover financing

    Skrill, the UK online payment company, is set to issue €305m of loans to back its leveraged buyout by private equity firm CVC Capital Partners.

    • 19 Aug 2013
  • High yield still most favoured FI asset class in Europe, says Fitch

    High yield bonds are European fixed income investors' most favoured asset class for the third quarter in a row, according to Fitch.

    • 19 Aug 2013
  • Shuanghui allocates $4bn in senior, general imminent

    The allocations for Shuanghui International’s $4bn acquisition financing have been finalised among the banks that joined during senior syndication, with a general launch soon to follow.

    • 16 Aug 2013
  • Lloyds hires Jenkins for levfin team as sector grows

    Lloyds Bank has hired Eric Jenkins in its leveraged finance team in London, as it looks to strengthen its high yield bond capabilities amid steady growth in the sector in Europe.

    • 15 Aug 2013
  • Aviva hires Kara for European high yield

    Aviva Investors has hired Sunita Kara as portfolio manager for its European high yield investments.

    • 15 Aug 2013
  • Existing lenders support Wood Mac add-ons

    The UK energy and mining consultancy firm Wood Mackenzie was due to allocate an add-on to its existing debt on Thursday, having relied exclusively on its existing syndicate. The new facilities will be used to pay a dividend to the issuer’s private equity owner, Hellman & Friedman.

    • 15 Aug 2013
  • Car repair group ATU seeks restructuring as sales dwindle

    Auto-Teile-Unger, a German chain of car repair shops, is working on a programme to restructure its balance sheet, which could affect its bonds and loans.

    • 15 Aug 2013
  • GE Capital takes asset-backed lending to €1bn

    GE Capital has built up its asset-backed lending to around €1bn so far this year. Much of this was done through its on-balance sheet SPVs, into which sub-investment grade corporates have been able to commit invoice receivables in return for funding.

    • 15 Aug 2013
  • Neuberger Berman takes JPM cross-asset specialist

    Neuberger Berman, the employee-owned US asset manager, has hired Jon Jonsson from JP Morgan Asset Management for its London office.

    • 15 Aug 2013
  • Codere misses second coupon, workout nears

    Codere, the Spanish gambling company, has decided not to pay the interest on its $300m 2019 bonds, which was due on Thursday.

    • 15 Aug 2013
  • Fifth Fleet Street 3 CMBS loan enters special servicing

    All five loans securitized in Goldman Sachs’ 2007 German commercial mortgage-backed securities transaction, Fleet Street Finance 3, are now in default, according to Barclays analysts in London.

    • 15 Aug 2013
  • Floating rate high yield: will the bid survive the summer?

    Senior secured floating rate notes, largely in place of loans, have been the high yield bond market’s favourite gimmick in the first half of 2013.

    • 15 Aug 2013
  • Leveraged loans — news in brief, August 16, 2013

    Leveraged Loans

    • 15 Aug 2013
  • AA taps WBS for £350m on reverse bid as refi completes

    The AA Group, the UK roadside assistance and insurance company, last Friday tapped its whole business securitization for another £350m of senior debt, six weeks after inaugurating the structure with a £625m senior and £655m junior issue.

    • 15 Aug 2013
  • Swelling gambling sector of HY market so far still calm on Codere coupon news

    Gambling companies have long been frequent visitors to the US high yield market — a wealth of casinos such as the MGM Mirage, Station Casinos and Wynn Las Vegas fall into that category. Now, Europe is increasingly seeing high yield issuers from the gambling industry.

    • 15 Aug 2013
  • Minimax and Tip Trailer: one guidance, two fates

    Two leveraged deals from Minimax Viking and Tip Trailer, both launched late last month, have performed very differently.

    • 15 Aug 2013
  • People News in Brief

    HSBC's Diehl returns to US – GS gets co-ECM heads – Neuberger Berman takes from JPM – Lucas to leave Barclays early – Aviva hires Kara for European HY

    • 15 Aug 2013
  • BMC Software wraps up amended debt issuance

    Allocations were distributed to BMC Software’s investors on August 9, after a radical change to the debt’s structure and currency split.

    • 15 Aug 2013
  • Finnair to roadshow for bond return next week, call hybrid

    Finnair, the Finnish state-controlled airline, will roadshow next week for a possible bond issue of about €100m-€150m.

    • 15 Aug 2013
  • CVC in £500m bond for LBO of Dom & Gen

    CVC Capital Partners is preparing a secured and unsecured high yield bond package to finance its takeover of Domestic & General Group, a UK insurance company specialising in appliance breakdown cover.

    • 15 Aug 2013
  • EuroWeek Poll: US to drive transatlantic loans even after July surge

    After a surge of transatlantic leveraged loans in July, market participants are adamant that borrowers should keep tapping the US market.

    • 15 Aug 2013
  • All Revenue league tables

    Dealogic league tables of total revenue transactions, August 15, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

    • 15 Aug 2013
  • International bonds league tables

    Dealogic league tables of bond transactions, August 14, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 15 Aug 2013
  • All Bonds league tables

    Dealogic league tables of bond transactions, August 14, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

    • 15 Aug 2013
  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, dated August 15, 2013. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

    • 15 Aug 2013
  • Pinewood CLO postponed amid summer lull, leaving investors peeved

    Investec has put the Pinewood 2013-1 European collateralised loan obligation, managed by Pramerica Investment Management, on hold until later in the year.

    • 15 Aug 2013
  • Codere misses coupon on $300m bond, restructuring beckons

    Codere, the Spanish gambling company, has decided not to pay the interest on its $300m 2019 bonds, which was due today.

    • 15 Aug 2013
  • OGF closes early bird phase of LBO financing

    The early bird phase of OGF’s new debt issuance is set to close on Thursday. If the deal is launched to general syndication, leads and investors expect it to be in early September.

    • 15 Aug 2013
  • Existing lenders support Wood Mackenzie add-ons

    The UK’s energy and mining consultancy firm Wood Mackenzie is due to allocate an add-on to its existing debt on Thursday, having relied exclusively on its existing syndicate. The new facilities will be used to pay a dividend to the issuer’s private equity owner, Hellman & Friedman.

    • 15 Aug 2013
  • Finnair to roadshow for bond return next week

    Finnair, the Finnish state-controlled airline, will roadshow next week for a possible bond issue of about €100m-€150m.

    • 14 Aug 2013
  • Bookrunners of West European HY corporate bonds, 14 August 2013

    Source: Dealogic

    • 14 Aug 2013
  • Gemini Eclipse CMBS asset sold at a premium

    An asset sale of one of the properties underpinning the troubled Gemini (Eclipse 2006-3) commercial mortgage securitization has been completed.

    • 14 Aug 2013
  • BSN Medical prepares term loan refi

    BSN Medical, the German bandages maker, is asking investors to refinance and increase its existing transatlantic term loan ‘B’.

    • 14 Aug 2013
  • Volkswagen bond, REWE loan mean no rest for debt bankers

    Any excuses for idleness among Europe’s corporate bond bankers have been blown away by a pair of successful issues in sterling – while in the financial institution market Goldman Sachs has shown that a strong name can even get a good deal done in euros, suggesting industrial blue chips have no reason to avoid the market.

    • 14 Aug 2013
  • Troubled Tip Trailer tweaks terms

    Transport services company Tip Trailer has again substantially changed the terms and structure of its latest transatlantic loan package to appeal to investors. Final commitments to the amended debt were due late on Tuesday.

    • 14 Aug 2013
  • Lloyds expands levfin team with Jenkins hire

    Lloyds Bank has hired Eric Jenkins in its leveraged finance team in London, aiming to strengthen its high yield bond capabilities.

    • 14 Aug 2013
  • All Fleet Street 3 CMBS loans in default

    All five loans securitized in Goldman Sachs’ 2007 German commercial mortgage-backed securities transaction, Fleet Street Finance 3, are now in default, according to Barclays analysts in London.

    • 13 Aug 2013
  • Eden Springs to allocate on Tuesday

    Eden Springs expects to allocate its loan package this afternoon, after delays to the process.

    • 13 Aug 2013
  • Campbell Europe to issue loans backing LBO

    Campbell Europe, the division of soup maker Campbell Soup Company, which operates in continental Europe, is set to borrow €320m through a senior secured loan. The debt will back the company’s acquisition by private equity firm CVC Capital Partners.

    • 13 Aug 2013
  • EuroWeek Poll: US to drive transatlantic loans

    After a surge of transatlantic leveraged loans in July, market participants are adamant that borrowers should keep tapping the US market.

    • 13 Aug 2013
  • Aviva hires Kara for European high yield

    Aviva Investors has hired Sunita Kara as portfolio manager for its European high yield investments.

    • 13 Aug 2013
  • CVC lines up bond package for Domestic & General buyout

    CVC Capital Partners is preparing a secured and unsecured high yield bond package to finance its takeover of Domestic & General Group, a UK insurance company specialising in appliance breakdown cover.

    • 13 Aug 2013
  • AA taps WBS for £350m after reverse as refi completes

    The AA Group, the UK roadside assistance and insurance company, last Friday tapped its whole business securitization for another £350m of senior debt, six weeks after inaugurating the structure with a £625m senior and £655m junior issue.

    • 12 Aug 2013
  • Minimax allocates after reverse flex

    Minimax Viking allocated its new transatlantic loans late last week, after achieving a reverse flex on August 5.

    • 12 Aug 2013
  • BMC Software wraps up amended debt issuance

    Allocations were distributed to BMC Software’s investors on August 9, after a radical change to the debt’s structure and currency split.

    • 12 Aug 2013
  • Car repair group ATU considers restructuring as sales dwindle

    Auto-Teile-Unger, a German chain of car repair shops, is working on a programme to restructure its balance sheet, which could affect its bonds and loans.

    • 12 Aug 2013
  • High yield funds net €2.2bn of inflows this year

    High yield bond funds are continuing to attract more money in Europe, as the market celebrates a record €61bn of issuance in the first seven months of this year.

    • 12 Aug 2013