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Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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More managers are eyeing the rare US CLO structure which combines both leveraged loans and high yield bonds, in search of more flexibility, and to capitalize on the mispricing between the high yield and leveraged loan markets. -
Bank of America has hired a managing director from Goldman Sachs to help lead a new team in its UK investment banking division that aims to increase the bank’s coverage of private and emerging growth companies.
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German cruise liner Tui Cruises is marketing its first high yield bond, as it emerges from a devastating year for the company and the broader travel sector.
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Europe’s high grade corporate bond market saw an abundance of mandates on Tuesday, suggesting that the bullish hopes from some corners of the banking world for May’s primary market might be fulfilled.
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EQT has launched the €1.525bn loan leg of the buy-out funding for its purchase of Cerba Healthcare, a France-based chain of medical laboratories, indicating that the flow of acquisition deals is still running fast, with multibillion deals including Birkenstock and Lonza Specialty Ingredients closing last week, and G4S slated for this week.
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Apollo subsidiary Redding Ridge has boosted its CLO platform, hiring Patrick McCarthy from JP Morgan, and Andrew Croshaw from law firm Cadwalader.
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