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  • Houlihan’s European expansion rolls on

    Houlihan’s European expansion rolls on

    Houlihan Lokey’s European corporate finance land grab has made its fifth acquisition since 2014, writes David Rothnie, at a time when the fluctuations of the credit cycle may be about to lead to more restructurings.

  • Commercial banks lead highly levered LGC financing

    Commercial banks lead highly levered LGC financing

    Commercial banks are in the driving seat for the highly levered financing of Cinven and Astorg’s purchase of testing business LGC Group. Regulatory issues are said to have kept some US banks away from the deal, but others question whether a large revolver commitment had more of an impact.

  • Go ‘overweight’ in CLOs next year, says BofA

    Go ‘overweight’ in CLOs next year, says BofA

    Market participants should take advantage of any spread widening in CLOs between now and year end, said Bank of America research analysts, as they predict that bonds throughout the capital stack will rally in 2020.

  • Wepa sweeps HY market with €550m refinancing

    Wepa sweeps HY market with €550m refinancing

    German family-owned tissue and toilet paper manufacturer Wepa is marketing €550m of senior secured notes with an intention to extend maturities and slash interest expenses. It is following a number of other double-B issuers in to the market.

  • Assemblin wants to heat up euro high yield with €250m debut

    Assemblin wants to heat up euro high yield with €250m debut

    Swedish heating and ventilation service provider Assemblin is braving the euro-denominated high yield market for the first time with €250m bond issue, used for refinancing and dividends. Exceptionally favourable conditions lured Triton-backed Assemblin to try its hand with international investors.

  • Avia $300m debut bond lands safe but at steep price

    Avia $300m debut bond lands safe but at steep price

    Aircraft leasing and aviation services company Avia Solutions Group became the latest debutant in the European high yield bond market on Tuesday. Central bank monetary policy has eased the path for a number of debuts in the last couple of weeks.

  • Direct lending no threat to syndicated debt

    Direct lending no threat to syndicated debt

    Direct lending funds have raised more money than ever this year, and are writing ever bigger cheques in the sort of investments usually done by broad syndication. However, in all but a handful of cases, syndicated financing is the better option.

  • High yield tourists head first for hybrid

    High yield tourists head first for hybrid

    Unlike in 2016, investment grade bond buyers reaching for yield after the European Central Bank started buying eurozone corporate bonds have been heading first for longer-dated investment grade and subordinated bonds, rather than dipping down into high yield territory.

  • NIBC ups the ESG bar with new euro CLO

    NIBC ups the ESG bar with new euro CLO

    Dutch manager NIBC has printed a new European CLO, North Westerly VI, which raises the bar for ESG standards in the leveraged credit market, with an absolute ban on companies involved in a variety of problematic industries — irrespective of the proportion of their earnings that comes from the activity in question. It has also committed to ESG scoring through the trustee reports, so buyers of the CLO debt can monitor the portfolio’s ethics down the road.

  • UK remains hot spot for European direct lenders despite Brexit risks

    UK remains hot spot for European direct lenders despite Brexit risks

    Credit fund money is flooding into UK companies, despite a shaky economy and prolonged uncertainty surrounding the country’s exit from the EU. Less popular markets such as the Nordics present expansion opportunities, but the UK has consistently been the top location for private debt deals.

  • Double dose of sterling for UK hospital buy, despite Labour risk

    Double dose of sterling for UK hospital buy, despite Labour risk

    Alabama-based Medical Properties Trust is marketing a dual tranche, split-rated sterling bond, to pay back loans drawn to buy nine UK private hospitals this year. The company’s marketing materials highlighted that the UK’s National Health Service had doubled its spending in the private sector since 2009, but the opposition Labour Party has committed to end this outsourcing if it returns to power in December’s election.

  • CLOs deserve a fair trial

    CLOs deserve a fair trial

    Collateralised loan obligations (CLOs) are on trial with regulators and central banks around the world, standing accused of being the financial instrument most likely to cause the next financial crisis. The prosecution, however, needs to look at the the facts.

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  • Houlihan’s European expansion rolls on

    Houlihan Lokey’s European corporate finance land grab has made its fifth acquisition since 2014, writes David Rothnie, at a time when the fluctuations of the credit cycle may be about to lead to more restructurings.

  • Europe HY turning worryingly eccentric

    Central bank money is flooding into bonds, making the European high yield market a bizarre place where a double-B rated issuer can pay a coupons of less than 1%. That is attracting first-time issuers with risky, opaque businesses who are getting away with offering scant investor protection.

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $bn No of issues Share %
1 23.32 104 10.57%
2 16.15 62 7.32%
3 13.38 64 6.07%
4 11.87 69 5.38%
5 11.30 59 5.12%

Bookrunners of European HY Bonds

Rank Lead Manager Amount $bn No of issues Share %
1 7.62 62 7.83%
2 7.30 45 7.50%
3 6.92 54 7.11%
4 6.35 55 6.53%
5 6.27 42 6.45%