GC Asia
LevFin
EQT considers ditching credit arm as private debt turns sluggish
Swedish PE firm EQT Partners has mandated JP Morgan to advise as it considers divesting its credit business.
23 Jan 2020
LevFin
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High Yield Bonds
Bonds back on top as Techem changes tack
High yield bonds are back on top as the capital markets funding tool of choice for leveraged companies.
23 Jan 2020 -
CLO/CDO
CLO market eagerly awaits first ever AMR auction
The CLO market will be closely watching next week as the first re-pricing of a deal with an applicable margin reset (AMR) feature takes place using an auction.
22 Jan 2020 -
Asia - High Yield
Evergrande floods market with $6bn of bonds
Hengda Real Estate Group Co, a subsidiary of China Evergrande Group, raised $4bn across two tranches on Tuesday, just days after Evergrande nabbed $2bn from another bond sale.
23 Jan 2020 -
High Yield Bonds
Altice France jumps into red hot market with capital structure revamp
Altice France has jumped into one of the busiest weeks on record for European leveraged loans and high yield issuance, announcing €2.1bn of bonds, alongside an exchange designed to simplify the group’s capital structure.
22 Jan 2020
Other news
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Banijay rolls out deal package for Peaky Blinders producer
French TV production group Banijay launched on Tuesday a $2.373bn-equivalent financing package, consisting of secured and unsecured bonds, a term loan and a revolver, to pay for its takeover of Endemol Shine, a Disney- and Apollo-backed Dutch production company.
21 Jan 2020 -
Victoria adds €170m to first bond issue, sweeping shaky debut under rug
UK flooring company Victoria issued a €170m add-on to its €330m of outstanding 5.25% senior secured notes, due in 2024. The royal carpet maker successfully issued its debut bond last summer after failing at the first attempt in 2018 in a horribly timed launch.
22 Jan 2020 -
Spanish car park company plans divi recap
Empark, a Spanish car parking firm owned by a Macquarie infrastructure fund, is issuing a high yield bond to fund a dividend and refinance existing bonds.
21 Jan 2020 -
Intu preps rescue rights issue but needs a long-term plan
Intu, the British real estate and investment trust focused on shopping centres, has confirmed it will be tapping its shareholders for equity capital in February, but sources say the company needs to outline its vision for its future, given the headwinds buffeting the UK retail sector.
21 Jan 2020 -
Mowi fishes for green credentials with €200m bond issue
Mowi, one of the largest seafood companies in the world, issued a €200m green bond this week. The Norwegian fish farmer advertises seafood as an environmentally friendlier and healthier alternative to meat but has also faced claims that it endangers ecosystems with its net-pen salmon farms.
20 Jan 2020 -
Cobham take-private debt starts syndication
Loans backing Advent’s takeover of UK defence contractor Cobham, which received government approval over Christmas, have started general syndication, bringing welcome new money loans with a margin on the right side of 400bp.
20 Jan 2020 -
HSBC names head for illiquid credit syndicate unit
HSBC has appointed Vinay Raj as head of illiquid credit syndicate, a new structure within the firm's global syndicate operations focused on distributing structured finance, infrastructure, real estate and distressed debt.
20 Jan 2020 -
United preps bond financing package for Vivacom takeover
Southern Eastern European telecoms group United Group, a BC Partners and KKR portfolio company, is preparing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.
20 Jan 2020
People & markets
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BofA promotes two CLO traders to managing director
Bank of America has promoted CLO traders Ricardo Arguello and Tim Murtha to managing director in New York.
24 Jan 2020 -
GBP considers guidance on Enel-style bonds
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Credit Suisse rejigs IBCM after ‘tough year’
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People moves in brief
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PE seeks new exit as MiFID grinds public markets
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Corp finance chief Wallace to leave HSBC
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UBS IB spends $80m on restructuring the workforce
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Kawohl heads to HIG for distressed debt
High Yield Bonds
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Thailand gives nod to Vietnamese, Laos issuers
Thailand’s ministry of finance has approved two foreign companies to issue baht-denominated bonds, including the first Vietnamese borrower to tap the market.
24 Jan 2020 -
GBP considers guidance on Enel-style bonds
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Credit Suisse rejigs IBCM after ‘tough year’
Leveraged Loans
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Aoyuan closes $230m loan with eight banks
China Aoyuan Group has closed a $230m-equivalent club loan with eight banks.
24 Jan 2020 -
Credit Suisse rejigs IBCM after ‘tough year’
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People moves in brief
CLOs
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BofA promotes two CLO traders to managing director
Bank of America has promoted CLO traders Ricardo Arguello and Tim Murtha to managing director in New York.
24 Jan 2020 -
Pair of CLOs bring senior spreads to tightest level since November
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Bonds back on top as Techem changes tack
Private Equity
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Vivacom takeover package prints through tights but PIK lags
Southeast European telecoms group United Group, a BC Partners and KKR portfolio company, is marketing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.
23 Jan 2020 -
PE seeks new exit as MiFID grinds public markets
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Cobham take-private debt starts syndication
Bookrunners of European Leveraged Loans
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | Scotiabank | 1.18 | 2 | 18.74% |
| 1 | JPMorgan | 1.18 | 2 | 18.74% |
| 3 | Credit Suisse | 0.89 | 3 | 14.22% |
| 4 | RBC Capital Markets | 0.54 | 2 | 8.54% |
| 5 | Credit Agricole CIB | 0.45 | 2 | 7.24% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 1.06 | 7 | 10.31% |
| 2 | Citi | 0.97 | 7 | 9.43% |
| 3 | Deutsche Bank | 0.90 | 4 | 8.70% |
| 4 | Barclays | 0.72 | 6 | 6.97% |
| 5 | BNP Paribas | 0.63 | 6 | 6.09% |
