Top stories
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JP Morgan names new EMEA levfin leaders
JP Morgan has named a new leadership team for its EMEA leveraged finance operations, following the retirement of Kristian Orssten, a 25 year veteran of the firm.
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Debuts still scarce but Novem steps up
Genuinely new corporate high yield issuers have been vanishingly rare in 2019, but German car interiors maker Novem is bucking the trend with the €375m first time dividend issue it has been marketing this week.
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Norske Skog tests turnaround belief with divi mandate
Norkse Skog, the Norwegian paper manufacturer subject to one of the bloodiest restructurings in European high yield this decade, is ready to test the market again, just over a year after Christopher Gate’s Oceanwood Capital Management took over the troubled company.
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Schaeffler holdco refinances in monster €2bn posh PIK toggle
Schaeffler’s holding company priced on Wednesday a huge four tranche PIK toggle bond, part of a comprehensive refinancing that will cut its debt load by €500m and push out its maturities.
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Comment: Markets must prepare again for a No Deal Brexit
Theresa May’s statement today that she will step down as leader of the Conservative Party on June 7 has increased the likelihood that the UK will leave the European Union without a deal, meaning capital markets need to prepare for the worst again.
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Natixis affiliate Ostrum extends CLO operations into US
Paris-based Ostrum Asset Management is expanding into US markets as its institutional investors look to diversify into US alternative asset strategies, it said on Tuesday.
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SEQI increases revolver, eyes equity sale
UK fund Sequoia Economic Infrastructure Fund (SEQI) has bumped up its revolving credit facility to £200m, with the infrastructure debt financier considering an equity issue as it builds up a war chest for planned investments.
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Loans, bonds and the line between them
Thanks to a lawsuit in the US, the question of whether leveraged loans are securities or not appears to be on the table. The challenge points to a gap in the regulation of modern capital markets that needs filling in.
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Indonesian bonds caught in US-China crossfire
Long-dated dollar bonds issued by Indonesian companies have been taking a beating in the secondary market, with the country's high yield sector also expected to suffer from the negative impact of an ongoing trade war between two of the world's biggest economies.
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Verisure prints drive-by tap
Hellman & Friedman portfolio company Verisure announced a tap of its €300m 2023s on Monday morning, adding an extra €200m to the issue to pay back its revolver.
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‘Fleabag’ production company preps refi
All3Media, a subsidiary of Liberty Global and Discovery, which makes TV shows including ‘Fleabag’, ‘Call the Midwife’ and ‘Peep Show’, is in the market with a term loan B to refinance debt.
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Kames hires head of high yield
Kames Capital has appointed Thomas Hanson as head of high yield fixed income and Eleanor Price as a high yield analyst.
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Barings BDC announces $550m lending partnership with US pension fund
Barings BDC announced on Thursday that it is forming a joint venture with the State of South Carolina Retirement System (SCRS) that will invest in private debt, syndicated senior secured loans, structured products and real estate debt.
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High times in high yield
A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.
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Chinese HY duo snaps up taps despite volatile market
Shandong-based coal miner Yankuang Group Co was able to price a $500m tap almost 30bp inside where the existing notes were trading on Thursday, while E-House (China) Enterprise Holdings, a real estate services firm, also added $100m to an outstanding bond.
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CLO market persists through macro headwinds
Reluctance from smaller Japanese buyers and the end of a rally in loan prices are likely to dampen CLO volumes through the remainder of 2019, market sources say, although the market thus far shows no signs of abating.
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People moves in brief — May 9, 2019
Schlesinger leaves Santander – New responsibilities for Ross – Soc Gen shuffles markets top brass
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Fallen angel K+S refis loan early for €960m as it foresees halving debt
K+S, the potash and salt producer, has refinanced its revolving credit facility a year early, to lock in favourable borrowing terms at it seeks to move back to positive free cashflow for the first time for more than five years.
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MGM China turns to bond for attractive funding
Casino operator MGM China Holdings priced a larger-than-expected $1.5bn 144A/Reg S deal this week, and both tranches rallied in the secondary market despite a broader risk-off sentiment.
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French bid to widen EU green Taxonomy received well
The attempt by France to broaden the European Union’s proposed Taxonomy of Sustainable Economic Activities away from the “green niche” has made a good start. Financial officials from all the EU governments discussed the idea on Tuesday, with many member states being “very supportive”, according to sources close to the situation.
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Co-op bond works well as high yield, green angle incidental
The Co-operative Group, the UK food retailer and provider of funeral, legal and insurance services, launched its first sustainable bond on Wednesday and achieved impressive demand. But that had little to do with its ethical characteristics.
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High yield issuers not bothered by chill in the air
Softness in risk asset markets has not choked off the flow of new high yield issues in Europe, though there are no investment grade new issues on Wednesday, a French holiday. Virgin Media is holding investor calls today for a new $825m and £300m senior secured issue, rated Ba3/BB-/BB+.
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CAR drives away with $200m of new money amid market jitters
Chinese car rental company CAR has wrapped up a liability management exercise, pushing its maturity curve out to 2022 despite fears in the credit market about the US-China trade war.
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Zhongding cuts price for €200m refi
China’s industrial and automotive parts manufacturer Zhongding Group has cut the price for its €200m loan refinancing.
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US CLO rally imminent, Wall Street analysts predict
After the biggest month for new issue CLO supply since the market was created in the 1990s, Wall Street researchers have predicted that new issue spreads will grind tighter in the near-term, as secondaries come in and CLO formation is challenged by low loan supply.
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Co-op’s triply rare green bond for Fairtrade goods
The Co-operative Group, the UK food retailer, undertaker, insurer and legal services provider, has announced a £250m sustainable bond issue which will be unusual in three ways. Green and sustainable bonds are rare in the UK and rare in the high yield market, while the use of proceeds Co-op is planning is close to unique.
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 | Deutsche Bank | 3,736.52 | 21 | 7.15% |
| 2 | Credit Agricole CIB | 3,101.01 | 16 | 5.93% |
| 3 | Goldman Sachs | 3,092.70 | 16 | 5.92% |
| 4 | BNP Paribas | 2,926.68 | 24 | 5.60% |
| 5 | Citi | 2,758.74 | 10 | 5.28% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Deutsche Bank | 2,849.41 | 16 | 9.19% |
| 2 | Citi | 2,449.34 | 16 | 7.90% |
| 3 | JPMorgan | 2,260.62 | 16 | 7.29% |
| 4 | BNP Paribas | 2,167.79 | 20 | 6.99% |
| 5 | Goldman Sachs | 1,890.62 | 15 | 6.10% |
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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 | Deutsche Bank | 3,736.52 | 21 | 7.15% |
| 2 | Credit Agricole CIB | 3,101.01 | 16 | 5.93% |
| 3 | Goldman Sachs | 3,092.70 | 16 | 5.92% |
| 4 | BNP Paribas | 2,926.68 | 24 | 5.60% |
| 5 | Citi | 2,758.74 | 10 | 5.28% |
Bookrunners of European HY Bonds
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Deutsche Bank | 2,849.41 | 16 | 9.19% |
| 2 | Citi | 2,449.34 | 16 | 7.90% |
| 3 | JPMorgan | 2,260.62 | 16 | 7.29% |
| 4 | BNP Paribas | 2,167.79 | 20 | 6.99% |
| 5 | Goldman Sachs | 1,890.62 | 15 | 6.10% |
Bookrunners of Dollar Denominated HY Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 12,495.10 | 96 | 10.02% |
| 2 | Citi | 11,803.94 | 91 | 9.47% |
| 3 | Bank of America Merrill Lynch | 8,842.75 | 73 | 7.09% |
| 4 | Goldman Sachs | 8,683.82 | 62 | 6.96% |
| 5 | Morgan Stanley | 7,624.77 | 56 | 6.11% |
