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There is no crock of equity gold at the end of the rainbow
Partner has joined Clifford Chance from the newly merged rival magic circle law firm
MAG’s tightly priced bond adds credence to claims that Thames Water’s woes are isolated
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PortAventura followed the theme of increasing high yield deals and tight pricing on Thursday. The Spanish theme park and destination resort enlarged its bond by €20m to €420m bond and the notes traded up.
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Empark, the Spanish car parks operator, attracted a strongly oversubscribed book for its €385m bond debut.
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Some large shareholders this week grabbed the opportunity to drain the final dregs of 2013 liquidity, launching block trades for stakes in firms including Bpost, St James’s Place and CAT Oil (see separate stories). With investors’ Christmas parties competing for attention from next week, a final flurry of block trades were squeezed into this week’s business.
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German high yield issuers Heidelberger Druckmaschinen and Wepa took advantage of tightened secondary spreads this week with taps for around €50m each.
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With demand for leveraged loans far outweighing supply, deal sponsors are pushing for unprecedentedly loose documentation, writes Olivier Holmey. Already reducing margins, extending maturities and pushing up leverage ratios on their portfolio companies’ debt, private equity firms are now even seeking to rid transactions of their core incurrence and maintenance covenants. -
A second Finnish utility whole business securitization could result from the sale, announced on Thursday, of Fortum’s Finnish electricity distribution business.
