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