JP Morgan
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Investors have been taking their cash out of European high yield funds throughout March. But a closer look into flows reveals that short term funds have grown. -
Russian borrowers are wasting no time in dealing with the $7.29bn of corporate bonds about to come due. After a record $2.8bn poured into the asset class last week, it is easy to see why borrowers view this as the time to tap the market.
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Laird, the UK maker of mobile phone parts, microchips and antennas, has finished its £185m rights issue to bolster its balance sheet after a fall in profits last year.
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Inovyn, the chlorvinyls firm owned by chemicals group Ineos, and French food producer Labeyrie both joined the bond-to-loan refinancing trend in the leveraged finance market this week, holding a lender call and bank meeting respectively for term loan deals of at least €500m each.
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Nine mandated lead arrangers and bookrunners have invited lenders to join the international loan market debut of Ant Financial subsidiary, Alipay (Hong Kong) Holding. The money will partly be used to support Ant’s bid to acquire MoneyGram.
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Aston Martin, the UK luxury car maker, made savings of up to 400bp on Friday as it wrapped up its latest bond refinancing bond. Investors came along for the ride but found it a bit of a squeeze.
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Micro Focus, the UK legacy software firm, has launched the $5bn loan to finance its acquisition of Hewlett Packard Enterprise’s software business — the biggest new money loan in the European leveraged loan market this year.
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The dollar market for bank and financial issuance has recorded its first week of zero supply in 2017, but still smashed records for the busiest quarter of all time.
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Electricité de France’s €4.018bn three-for-10 rights issue has been oversubscribed, despite the continuing alarming flow of headlines about the nuclear power industry, and the approach of a French presidential election that could bring the far right to power.
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Instituto de Crédito Oficial brought some rare short dated euro paper this week and was able to rely on heavy support outside the bank community — despite some people on and off the deal expecting banks to buy the deal in bulk.
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Shares in BioPharma Credit, the UK closed end investment fund focused on the debt of life sciences companies, closed 2.9% above their IPO price on Thursday when they started trading in London on Thursday after the company finished its $762m IPO.
