Top stories
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UK government threatens to ground £4bn Cobham buyout
The £4bn take-private of UK aerospace and defence company Cobham by US private equity firm Advent, backed by a £2.5bn debt package, was threatened this week when business secretary Andrea Leadsom ordered an investigation into the deal just after 93% of the shareholders voted to accept the deal.
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Sirius Minerals shares tank after crucial bond sale fails
Shares in fertilizer miner Sirius Minerals plummeted as much as 60% on Tuesday morning after the company was forced to finally pull a $500m high yield bond offering it had postponed in August.
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Altice France’s tightly priced refi bond swells to €2.5bn after ECB decision
French telecommunications company Altice France added another €1bn to its bond package, taking advantage of the historically issuer-friendly market conditions. The tranches were finalised after the European Central Bank announced a new round of stimulus, pushing down bond yields across the board.
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Lecta’s bondholders hire advisers as restructuring looms
Lecta has announced that its bondholders are being represented by investment bank Houlihan Lokey and law firm Willkie Farr & Gallagher, as the Spanish paper company struggles to keep up with bond payments. Last month, the troubled company said it had hired Evercore and Rothschild to advice on “strategic alternatives”, including possibly restructuring the firm.
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Capital markets divided as ECB wheels out big guns once more
There was a mixed bag of views across the capital markets after the European Central Bank unleashed a new comprehensive stimulus package on Thursday, comprising restarting net bond buying, a rate cut and a tiered deposit rate system for banks.
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Are you Sirius? Protecting retail investors from themselves
Sirius Minerals is in big trouble, and that means big losses ahead for the mainly retail investor base, who saw their shares dive 50% on Tuesday morning. Since the crisis, regulators have strained every nerve to keep complex, risky products out of retail hands — while retail investors have merrily piled into loss-making tech stocks and cryptocurrencies, and gambled on extractive industries. How much protection do they need?
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Pinewood’s £550m issue gobbled up, analysts warn of murky terms
Pinewood Studios' effort to re-cast itself as a real estate company seemed pure box office to investors, who placed enough orders for a new bond to allow the borrower to up the deal size and still price at the tight end of guidance.
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Ford yanked to junk by Moody’s, sounding alarm to triple-B crowd
Moody’s slashed Ford’s rating from Baa3 to Ba1 on Monday, placing the company in precarious crossover territory, with S&P and Fitch holding the firm at BBB with negative outlook. Other falling angels may land in the junkyard soon as the triple-B sector has ballooned to record levels.
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Deutsche promotes Lewellen to run IG DCM, Buvat to run levfin
Deutsche Bank has announced a round of senior appointments in its primary debt businesses, naming Hoby Buvat head of EMEA leveraged finance origination and Mark Lewellen head of EMEA debt capital markets origination.
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Intrum amps up refi bond as investors devour double-B issues
Swedish credit management company Intrum this week completed a €850m issue of new senior notes, pricing at 3% and increasing the size of the offering from the initial €750m. UK-based gambling giant International Game Technology also dipped into the “most issuer-friendly market ever” with €500m bond.
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Bondholders team up against Abu Dhabi over hairy airline debt
Holders of the defaulted EA Partners bonds claim that Etihad Airways and Abu Dhabi gave them implicit guarantees for the notes, which were issued to fund other troubled airlines. The bondholders, backed by restructuring advisers and corporate sleuths, are buckling up for a battle for their money. Karoliina Liimatainen reports.
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UK levfin faces obstruction as Brexit chaos reigns
Leveraged finance bankers say they have a substantial deal pipeline in sterling to execute this autumn, while the UK's fall into political chaos threatens market volatility. Sub-investment grade buyers are likely to be offered buyout debt for Ei Group, Merlin and BCA Marketplace, among a flood of business totalling at least £15bn ($18.5bn), writes Owen Sanderson.
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ESMA points to HY, EM risk to fund redemption shock
High-yield bond funds are a lot more exposed to a liquidity shortfall than funds for other asset classes, according to a stress test developed by the European Securities and Markets Authority (ESMA). The publication of ESMA’s results came in the same week as a Bank of England official discussed solutions to fund fire-sales.
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GreensLedge hires Barings pair for structured credit roles
GreensLedge Asset Management announced on Wednesday that it has hired two investment professionals from Barings to lead the firm’s structured credit investment business.
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IG issuers rush to beat ECB as HY enjoys cash bonanza
A new flurry of investment grade corporate bond issuers jumped into the market on Wednesday morning, after Danaher priced its €6.25bn five-tranche Reverse Yankee note. Getting that deal out of the way gave other corporate borrowers room to bring bonds of their own — and plenty are expected to in the run-up toe the European Central Bank's monetary policy announcement on September 12.
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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| 29-Nov-18 | Nidda Bondco GmbH | 30-Sep-25 | € | 250 | 7.25% |
| 28-Nov-18 | Algeco Global Finance plc | 15-Feb-23 | € | 85 | 6.5% |
| 28-Nov-18 | Algeco Global Finance plc | 15-Feb-23 | € | 40 | 3-mth Euribor +625bp |
| 15-Nov-18 | Groupe Ecore Holding SAS | 15-Nov-23 | € | 255 | -mth Euribor +625bp |
| 09-Nov-18 | International Design Group SpA | 15-Nov-25 | € | 400 | 6.5% |
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 | BNP Paribas | 8,809.80 | 59 | 6.87% |
| 2 | Deutsche Bank | 8,575.51 | 45 | 6.69% |
| 3 | Credit Agricole CIB | 8,257.54 | 45 | 6.44% |
| 4 | JPMorgan | 7,542.47 | 37 | 5.88% |
| 5 | Goldman Sachs | 7,283.60 | 38 | 5.68% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 5,481.64 | 30 | 9.15% |
| 2 | JPMorgan | 4,195.74 | 34 | 7.01% |
| 3 | Deutsche Bank | 4,163.77 | 26 | 6.95% |
| 4 | Goldman Sachs | 4,037.77 | 30 | 6.74% |
| 5 | Barclays | 3,944.19 | 26 | 6.59% |
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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 | BNP Paribas | 8,809.80 | 59 | 6.87% |
| 2 | Deutsche Bank | 8,575.51 | 45 | 6.69% |
| 3 | Credit Agricole CIB | 8,257.54 | 45 | 6.44% |
| 4 | JPMorgan | 7,542.47 | 37 | 5.88% |
| 5 | Goldman Sachs | 7,283.60 | 38 | 5.68% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 5,481.64 | 30 | 9.15% |
| 2 | JPMorgan | 4,195.74 | 34 | 7.01% |
| 3 | Deutsche Bank | 4,163.77 | 26 | 6.95% |
| 4 | Goldman Sachs | 4,037.77 | 30 | 6.74% |
| 5 | Barclays | 3,944.19 | 26 | 6.59% |
Bookrunners of Dollar Denominated HY Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 21,452.85 | 177 | 9.52% |
| 2 | Citi | 20,535.92 | 160 | 9.12% |
| 3 | Goldman Sachs | 16,796.50 | 130 | 7.46% |
| 4 | Bank of America Merrill Lynch | 16,031.34 | 140 | 7.12% |
| 5 | Morgan Stanley | 14,465.14 | 100 | 6.42% |
