Top stories
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HY buyers want an end to ‘don’t ask, don’t tell’
The lack of a fluid conversation in the European high yield market between bond buyers on one side, and underwriters and borrowers on the other, will cause trouble for everybody, say some fund managers and their advisers. They are already turning around this situation in their favour, but investment banks have yet to react.
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Yell tries to wake up sterling HY issuance
Digital advertising firm Yell added a new sub-benchmark deal to an otherwise lacklustre sterling high yield bond pipeline this week. The market is lagging more than £1bn ($1.4bn) behind 2017’s first quarter volumes.
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Amundi targets €300m levloan fund
The speculative grade loan market is leading leveraged finance issuance in Europe again, as investors pour more cash into the asset class. This week, Amundi opened its new leveraged loans Europe 2018 fund for institutional investors.
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Unilever Spreads displays €1bn LBO bond in market for all sizes
After selling €4.6bn of loans in March, Unilever Spreads unveiled the €1bn high yield bond portion of its leveraged buyout funding package on Wednesday. But as well as jumbo deals, other borrowers with smaller offerings are also vying for investor attention.
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Heavy pipeline excites leveraged finance investors
Fund managers were looking into €6.5bn of live high yield bond and loan deals in the European leveraged finance markets on Wednesday. Those speaking to GlobalCapital were happy to see that spreads are slightly widening across ratings from last year’s historic lows.
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‘Animal spirits’ back in US high yield as cash floods back in
The US high yield market has snapped back after softening in February and March, with recent deals issued at steep discounts bouncing back in the secondary market as retail funds flocking back to the sector chase scarce paper.
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Loans for GTT’s Interoute buyout out in ‘restless’ levfin
Virginia-based GTT Communications launched a €1.7bn-equivalent package of leveraged loans this week, the first leg of funding for the acquisition of UK peer Interoute. The credits are well known, bankers said, but European investors have become more circumspect after overcoming a recent bout of volatility.
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Former Millenium manager to oversee Pimco’s €10bn high yield portfolio
Pimco has appointed a new head of its European high yield portfolio, as it looks for opportunities to invest in speculative grade credit, the firm said in a statement on Monday.
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SoftBank smooths IPO path with HY refi
Japanese telecoms group Softbank opened the week in the European high yield market with a multi-billion refinancing deal to redeem its old 2013 bonds — and delete a covenant that could get in the way of its flotation.
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Levfin investors welcome cooler market
Demand for high yield bonds and leveraged loans has become patchy, fund managers say, after several months of heavy issuance.
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Roaring direct lending funds Bertram
Californian private equity firm Bertram Capital is combining its European portfolio company Anord Control Systems with UK firm Mardix. The move was funded in the direct lending market with a participation from arranger Barings.
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Piaggio refi helps HY issuance rebound
Italian scooter maker Piaggio announced a high yield bond roadshow on Tuesday, the seventh issuer to do so in five days as volumes continue to rebound after a difficult February.
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Borrowers drive €3bn B train into ruffled market
European high yield bond issuers roadshowed for seven lower rated new offerings this week, leaving behind the quiet of the post-Easter recess. What followed was a vigorous tug of war over pricing and terms in which bankers and investors claimed different victories.
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European CLO buyers less bullish on triple-As after rally stalls
European CLO spreads have widened following a five week tightening rally, leading to some backtracking of bullish sentiment from triple-A investors at the start of the second quarter, according to a JP Morgan investor survey.
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Investors see new issue spreads inching wider in levfin
European leveraged finance investors are expecting lower deal volumes and wider spreads in the primary market after an exceptionally busy and expensive 2017.
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US lev loan market dogged in face of CLO wobble
Unlike most sectors of US corporate credit, leveraged loans have escaped the volatility of the last couple of weeks. Even a slight cooling in collateralised loan obligations, the market’s biggest investor base, is unlikely to throw this corner of US credit off course just yet, writes David Bell.
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Permira Debt Managers signs its seventh direct lending deal as market boom goes on
This week, Permira Credit Solutions III (PCS3) signed its seventh investment this year, a credit line for the acquisition of Maxicoffee by Daltys. The direct lending market seems on course to surpass last year’s record numbers, said market sources.
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Busy but unpredictable month ahead, say high yield players
Speculative grade borrowers stayed on the sidelines of the primary market on Tuesday. While bankers said the deal pipeline has a healthy list of issuers ready for this month, investors warned that demand may be choosier than in the first quarter.
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Coty keeps euro levfin awake on last day before Easter
US beauty retailer Coty announced pricing at the wide end of guidance for its $2.45bn-equivalent of new leveraged loans on Thursday, while reaching the end of the roadshow for $2bn-equivalent of new high yield bonds.
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Investors welcome Elysium’s refi deal
This week, Elysium Healthcare successfully refinanced the loan that backed its leveraged buyout by BC Partners, getting a bigger size and better pricing three months after the original deal was met with a lukewarm reception from investors.
Go to GlobalCapital's Leveraged Finance data pages for the latest bookrunner league tables and information on priced deals.
Latest levfin people & markets news
High Yield priced deals database
| Date | Issuer | Maturity | Cur. | Size | Coupon |
|---|---|---|---|---|---|
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| 23-Mar-18 | Corestate Capital Holding SA | 15-Apr-23 | € | 300 | 3.5% |
| 22-Mar-18 | Teamsystem SpA | 15-Apr-23 | € | 550 | 3-mth Euribor +400bp |
| 22-Mar-18 | LKQ European Holdings BV | 01-Apr-28 | € | 250 | 4.125 |
| 22-Mar-18 | LKQ European Holdings BV | 01-Apr-26 | € | 750 | 3.625% |
| 21-Mar-18 | Virgin Media Receivables Financing Notes II dac | 15-Apr-23 | £ | 300 | 5.75 |
Latest high yield bond news
Latest leveraged loan news
Latest CLO news
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Credit Agricole CIB | 5,236.90 | 23 | 6.25% |
| 2 | Goldman Sachs | 5,129.09 | 18 | 6.12% |
| 3 | UniCredit | 5,090.85 | 26 | 6.08% |
| 4 | Barclays | 5,053.31 | 13 | 6.03% |
| 5 | BNP Paribas | 4,910.75 | 20 | 5.86% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 2,035.22 | 21 | 8.02% |
| 2 | BNP Paribas | 2,008.60 | 22 | 7.92% |
| 3 | Goldman Sachs | 1,563.07 | 16 | 6.16% |
| 4 | Credit Suisse | 1,458.00 | 14 | 5.75% |
| 5 | Morgan Stanley | 1,375.83 | 10 | 5.42% |
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Latest news by market and league table performance
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Credit Agricole CIB | 5,236.90 | 23 | 6.25% |
| 2 | Goldman Sachs | 5,129.09 | 18 | 6.12% |
| 3 | UniCredit | 5,090.85 | 26 | 6.08% |
| 4 | Barclays | 5,053.31 | 13 | 6.03% |
| 5 | BNP Paribas | 4,910.75 | 20 | 5.86% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 2,035.22 | 21 | 8.02% |
| 2 | BNP Paribas | 2,008.60 | 22 | 7.92% |
| 3 | Goldman Sachs | 1,563.07 | 16 | 6.16% |
| 4 | Credit Suisse | 1,458.00 | 14 | 5.75% |
| 5 | Morgan Stanley | 1,375.83 | 10 | 5.42% |
Bookrunners of Dollar Denominated HY Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 9,128.85 | 70 | 9.67% |
| 2 | Citi | 6,785.07 | 56 | 7.19% |
| 3 | Bank of America Merrill Lynch | 6,685.98 | 62 | 7.08% |
| 4 | Barclays | 6,303.47 | 46 | 6.68% |
| 5 | Credit Suisse | 6,011.71 | 44 | 6.37% |
