High Yield Bonds
Sazka bets on euro market with tightly priced HY issue
Czech gaming company Sazka, with lottery operations around Europe, debuted in the euro market on Tuesday with €300m of senior unsecured notes, priced at 4.125%.
12 Nov 2019
LevFin
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High Yield Bonds
Fly-by bond for Heathrow holding company
Heathrow Finance, the holding company for Europe’s largest airport, brought a £250m 10 year bond to market on Tuesday, with global co-ordinators Barclays, BNP Paribas and ING, announcing the bullet maturity deal with no roadshow or marketing effort.
12 Nov 2019 -
LevFin
Sirius Minerals rekindles hope for Yorkshire mega-mine after failed bond issue
UK mining company Sirius Minerals kept the dream alive with a market update on Monday, unveiling discussions with potential investors over a $600m financing package.
11 Nov 2019 -
High Yield Bonds
Ball takes on Crown in high yield race to the bottom
Ball Corporation, a US metal packaging and aerospace technology company, is looking to cut its financing costs with a €900m issue of senior unsecured notes.
11 Nov 2019 -
Leveraged Loans
Stada preps buyout loan for Walmark and Takeda
German pharmaceutical firm Stada is seeking €760m in new secured debt to finance recent acquisitions in eastern Europe, with Nomura leading a new senior secured term loan.
07 Nov 2019
Other news
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Stada preps buyout loan for Walmark and Takeda
German pharmaceutical firm Stada is seeking €760m in new secured debt to finance recent acquisitions in eastern Europe, with Nomura leading a new senior secured term loan.
07 Nov 2019 -
Dufry launches €750m refi to shave off interest expenses
Dufry, the world’s largest travel retailer, issued €750m of senior unsecured notes on Wednesday to buy back its outstanding €700m of 4.5% notes, due in 2023, and pay back a small slice of its revolver.
06 Nov 2019 -
Tikehau hires head of private debt secondary in New York
Alternative asset manager Tikehau Capital has appointed Olga Kosters to run the firm’s newly launched private debt secondary markets business.
11 Nov 2019 -
Owens-Illinois brings green HY issue
Ohio-based glass manufacturer Owens-Illinois (O-I) sold a euro-denominated green HY issue through BNP Paribas on Thursday, adding to the tiny clutch of leveraged credits to target deals at ESG-oriented investors — and locking in a storming result, with a size increase from €300m to €500m and pricing through the tight end of the initial range.
07 Nov 2019 -
ING names new global acquisition finance head
ING has appointed Martjin Bruins as global lead of its structured acquisition finance unit, alongside his existing role as head of the unit in London for origination.
07 Nov 2019 -
CS’s Amine goes to private credit, Miller takes over
David Miller has become the new chief executive of Credit Suisse’s investment banking and capital markets (IBCM) unit, replacing James Amine.
11 Nov 2019 -
High yield stalwarts see benefit of issuer-friendly market
Well-known issuers in high yield this week were best placed to benefit from strong market conditions, driven by central bank easing, the return of tourist money to the market, and receding worries of geopolitical crisis.
07 Nov 2019 -
Bolloré to launch unsecured bond with Vivendi-sized loophole
The holding company of the Bolloré billionaire family is planning to issue an unspecified amount of unsecured notes. Their largest investment, a 26% stake in media giant Vivendi, will be excluded from some of the covenants designed to protect the investors.
31 Oct 2019 -
JP Morgan unveils bond terms for Casino rescue
French supermarket group Casino started marketing work for the bond it is relying on to unlock a new revolving credit facility, terming out its debt maturity and relieving some financial pressure.
31 Oct 2019 -
Mercier to move up at HSBC once bank names new DCM chief
HSBC has begun the process of finding a new global head of debt capital markets, as company veteran Jean-Marc Mercier changes jobs to become vice-chair of capital markets.
31 Oct 2019 -
Europe embraces Fosun's high yield euro bonds
Chinese conglomerate Fosun International turned to Europe for its fundraising efforts this week, enticing investors to a €400m high yield rated bond.
31 Oct 2019 -
Euro bonds beckon to Chinese issuers
Chinese borrowers that have previously ignored the euro bond market should reconsider. Recent deals show there are plenty of reasons for issuers to tap the European investor base.
05 Nov 2019 -
Distressed loan trading leaps forward as new tech tool slashes settlement time
Distressed loans using US documentation are some of the slow trades to settle in the capital markets, with an average time of 67 days, reflecting onerous legal requirements under the Loan Syndication and Trading Association standard terms. A new tool released by IHS Markit as part of its ClearPar loan settlement platform has the potential to slash this delay, with a recent trade by Deutsche Bank taking just 10 days to settle.
30 Oct 2019 -
Grifols seeks looser terms in $5.3bn refi launch
Spanish pharmaceutical company Grifols is planning to take advantage of balmy market conditions with a refinancing package that will replace most of its outstanding debt. The package will consist of a $3bn term loan B in dollars, a $1.6bn TLB in euros and $1.25bn of senior secured bonds issued in euros.
29 Oct 2019 -
Bank of Japan says risk of CLO defaults ‘basically small’
The Bank of Japan appears to have softened its stance on the country’s banks buying foreign CLOs, reporting that credit risk in the asset class is “subdued on the whole” following a slowdown in investment in the asset class.
29 Oct 2019 -
Faurecia adds on €250m to finance SAS takeover
French car parts supplier Faurecia dipped into the bond markets again as it prepares to take over full control of its joint venture with Continental. It is adding €250m of senior notes to the €500m of 2026 notes it issued in the spring.
28 Oct 2019
People & markets
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Nomura plucks Petermann for FIG and real estate
Rolf Petermann, a former FIG banker at Société Générale, has been hired by Nomura.
15 Nov 2019 -
People moves in brief
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Principal losses loom for risk transfer buyers after accounting wrinkle
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Fitch hires levfin banker for biz dev unit
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Commerzbank set to double down on Mittelstand and existing clients
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Del Canto returns to capital markets at Berman's agora
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Crédit Ag promotes syndicate head
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Crédit Agricole chooses new head of global DCM
High Yield Bonds
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Jiangsu LGFV duo seal unrated dollar deals
Two unrated Chinese local government financing vehicles (LGFVs), Danyang Investment Group Co and Zhenjiang Cultural Tourism Industry Group Co, came to the dollar market last Friday for a combined $435m.
05:30 AM -
Nomura plucks Petermann for FIG and real estate
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Ball cuts costs but bigger bond misses Crown’s record
Leveraged Loans
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Nomura plucks Petermann for FIG and real estate
Rolf Petermann, a former FIG banker at Société Générale, has been hired by Nomura.
15 Nov 2019 -
People moves in brief
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Fitch hires levfin banker for biz dev unit
CLOs
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Principal losses loom for risk transfer buyers after accounting wrinkle
European bank supervisors have switched their approach to excess spread in risk transfer securitizations, paving the way for the stream of full stack capital relief deals issued this year by banks including BNP Paribas and Santander.
14 Nov 2019 -
‘Year-end jitters’ come early for European CLO market as spreads widen
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GlobalCapital’s Loan Awards poll closes on Friday!
Private Equity
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CVC-owned April preps rapid refi
French insurance brokerage April, a CVC portfolio company, has returned to the leveraged loan market to refinance the acquisition debt it raised in April, taking advantage of squeezed credit spreads and the expiry of its six month call protection.
14 Nov 2019 -
Stada preps buyout loan for Walmark and Takeda
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KKR stacks up dry powder with monster new fund
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $b | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 13.87 | 48 | 7.58% |
| 2 | BNP Paribas | 12.72 | 79 | 6.95% |
| 3 | Deutsche Bank | 12.14 | 56 | 6.64% |
| 4 | Goldman Sachs | 9.80 | 48 | 5.36% |
| 5 | Credit Agricole CIB | 9.79 | 52 | 5.35% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount $b | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 6.76 | 39 | 7.53% |
| 2 | Goldman Sachs | 6.62 | 51 | 7.38% |
| 3 | JPMorgan | 6.51 | 53 | 7.25% |
| 4 | Deutsche Bank | 5.88 | 39 | 6.55% |
| 5 | BNP Paribas | 5.87 | 50 | 6.53% |
