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Investors looking for lower rated high yield bonds welcomed the roadshow of a three tranche, multi-currency deal from Algeco Scotsman, a US modular space and secure storage group, this week. -
Axilone, Comexposium and Hurtigruten have begun the syndication of a combined deal volume of €1.5bn, but European leveraged loan spreads are now so tight that some investors are heading for the exit.
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Investec plc, the South African bank’s UK branch, has signed a loan for $450m — growing to more than double its launch amount of $200m after being three times subscribed.
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Investors showed their faith in Tata Steel on Thursday, pouring money into the Indian issuer’s dual-tranche transaction, shrugging off the weak structure and aggressive pricing.
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Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.
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Three bookrunners have kicked off primary distribution of an up to $150m revolver for Indonesian garment maker Pan Brothers.
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High yield borrowers were roadshowing €3bn of mostly lower rated bonds this week. Although there is appetite for riskier paper, investors say, demand is expected to be selective.
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A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday.
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India's Tata Steel has lined up a group of 21 lenders for an up to $2.16bn six year loan, which will be launched into primary syndication in a couple of weeks, said bankers close to the deal.
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Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.
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Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.
