Top stories

  • Ithaca buckles on bond terms under investor pressure

    Ithaca Energy, a UK-based oil and gas operator, revised its bond terms to placate investors this week — marking a rare victory for the buy-side in a market that has offered ever weaker protection. Buyers for the bonds had been prepared to swallow Ithaca's original proposals, but demanded a double digit yield to do so, forcing the borrower to back down to hit its target price. Karoliina Liimatainen reports.

    • 17 Jul 2019
  • CDS committee asked to rule on Galapagos default

    The EMEA CDS determinations committee will rule on whether German heat exchanger manufacturer Galapagos defaulted on its bonds by missing coupons on June 15. The committee will meet on Friday to decide whether a “failure to pay” event has occurred.

    • 18 Jul 2019
  • GSO brings Dunedin Park CLO via Deutsche

    GSO Capital, a Blackstone-owned entity, is marketing Dunedin Park, a €409.8m CLO arranged by Deutsche Bank, and the fourth brought by the issuer this year.

    • 18 Jul 2019
  • GEMS to raise $1.85bn debt package, readies for CVC acquisition

    Dubai-headquartered international education provider GEMS Education is seeking a $1.85bn debt package to support CVC Capital Partners taking a minority stake in the company.

    • 18 Jul 2019
  • Värde’s Carstairs goes upstairs as CEO

    Ilfryn Carstairs, global chief investment officer at alternative investor Värde Partners, will become co-CEO from next year, while keeping his co-CIO title.

    • 18 Jul 2019
  • Domestic & General drops sterling floater

    Left lead Barclays dropped the floating rate sterling tranche from the high yield bonds for Domestic & General’s fundraising to refinance old debt and pay a dividend to its old owners, replacing it with a smaller euro floater and a large fixed-rate issue.

    • 17 Jul 2019
  • Barings brings euro CLO via arranger Goldman Sachs

    Goldman Sachs has released initial price thoughts on a new €407.2m CLO for Barings.

    • 17 Jul 2019

  • CVC launches triple tranche bond for final Domestic & General divi

    CVC Capital Partners’ sale of UK warranty provider Domestic & General explored public markets but found a better bid from another CVC fund teaming up with Abu Dhabi Investment Authority. The company announced on Wednesday that it would pay a final dividend to the old CVC fund, as part of an all-bond refinancing of its capital structure ahead of a transfer to the new owners.

    • 10 Jul 2019
  • Esma cancels ‘shadow ratings’ fine for Nordic banks

    The European Securities and Markets Authority (Esma) has had to row back on fines for four Nordic banks for issuing credit ratings, after an appeal board found that the banks had not broken the rules negligently.

    • 15 Jul 2019
  • Metro LBO bid looks rough for debt holders, whatever happens

    Debt investors are looking at the leveraged bid for German retailer Metro AG by two private investors with uncertainty. Many questions remain about the outcome of the proposed deal, including the fate of Metro’s existing debt.

    • 11 Jul 2019
  • Amundi-EIB fund to seek riskier green bonds

    Amundi and the European Investment Bank are collaborating on a new €1bn fund aimed at bringing the benefits of green bond funding to smaller issuers in the EU and those with weaker credit quality. They will originate deals through a network of banks.

    • 11 Jul 2019
  • Add-backs take leverage levels above 2007 — BoE

    The Bank of England said that the proportion of new highly leveraged loans would swell from 18% of the market to 28%, once add-backs and subsequent borrowing were included, taking overall leverage levels in the market above those prevailing in 2007.

    • 11 Jul 2019
  • Can corp fin survive the Deutsche equities rout?

    Deutsche Bank’s strategic overhaul looks set to maintain the bank’s leading position in debt capital markets and leveraged finance. But it casts doubts over Deutsche’s ability to retain a top tier corporate finance franchise and could signal the slow death of its equity capital markets franchise, writes David Rothnie.

    • 11 Jul 2019
  • UBS to make a splash in private pools

    UBS’s decision to create a global team dedicated to private capital markets is symptomatic of a shift in how companies finance themselves and time their IPOs. With vast pools of private capital available, companies are going public later in their lifecycles, leading to stretched valuations and fewer listed companies. Aidan Gregory reports.

    • 11 Jul 2019
  • WHOA Neddies: Dutch create new, flexible restructuring rule

    The Netherlands is about to pass an act inspired by US bankruptcy rules or English schemes of arrangement, updating an insolvency code that has proved ineffective for dealing with companies with secured debt — and has seen companies like Nyrstar redomicile to the UK as part of their restructurings.

    • 10 Jul 2019

High Yield priced deals database

DateIssuerMaturityCur.SizeCoupon
29-Nov-18Nidda Bondco GmbH 30-Sep-252507.25%
28-Nov-18Algeco Global Finance plc 15-Feb-23856.5%
28-Nov-18Algeco Global Finance plc 15-Feb-23403-mth Euribor +625bp
15-Nov-18Groupe Ecore Holding SAS 15-Nov-23255-mth Euribor +625bp
09-Nov-18International Design Group SpA 15-Nov-254006.5%


Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,725.19 29 6.34%
2 JPMorgan 5,589.28 27 6.19%
3 Credit Agricole CIB 5,555.86 31 6.16%
4 Deutsche Bank 5,084.59 30 5.63%
5 BNP Paribas 4,989.41 40 5.53%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.27%
2 JPMorgan 2,822.43 22 6.91%
3 Citi 2,783.23 20 6.81%
4 BNP Paribas 2,674.33 25 6.55%
5 Goldman Sachs 2,523.29 20 6.18%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,725.19 29 6.34%
2 JPMorgan 5,589.28 27 6.19%
3 Credit Agricole CIB 5,555.86 31 6.16%
4 Deutsche Bank 5,084.59 30 5.63%
5 BNP Paribas 4,989.41 40 5.53%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.27%
2 JPMorgan 2,822.43 22 6.91%
3 Citi 2,783.23 20 6.81%
4 BNP Paribas 2,674.33 25 6.55%
5 Goldman Sachs 2,523.29 20 6.18%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,157.53 136 9.87%
2 Citi 16,616.67 131 9.55%
3 Bank of America Merrill Lynch 12,882.26 107 7.41%
4 Goldman Sachs 12,730.92 97 7.32%
5 Morgan Stanley 9,748.90 76 5.61%