• EDIFY debuts in Euro PP market

    Investment firm EDIFY, headquartered in Luxembourg, has issued its first Euro PP notes.

    • 20 Jul 2018
  • Agile success reflects HY market recovery

    Agile Group Holdings snapped up $400m from a tap on Thursday, with investors’ response sending a strong signal to the high yield market, according to bankers.

    • 20 Jul 2018
  • Goldman and Morgan Stanley reassure investors on levloan boom

    Management at Goldman Sachs and Morgan Stanley used second quarter earnings calls to reassure investors about their exposure to leveraged loans, under questioning from RBC Capital Markets’ Gerard Cassidy, as fears grow about leverage levels and weak covenants.

    • 19 Jul 2018
  • CIFC turns to European credit, CLOs yet to come

    CIFC Asset Management, one of the largest CLO managers in the world, has recently turned its attention to Europe, with the hire of Joshua Hughes to start marketing and fundraising for European loan investments. It is planning to build out the business in the coming months with more London-based hires, including a senior investment professional to lead that side of the business — but it’s not diving headfirst into the increasingly crowded European CLO market.

    • 19 Jul 2018
  • Altice fends off cov guardians to show coupon is king

    Concerns from some fund managers about the terms of Altice’s new €2.5bn-equivalent bond were swamped by orders from other investors eager to bag single-B paper with a big coupon from a core high yield issuer. After a series of successful investor push-backs on deal terms, the debt laden French telecom proved this week that borrowers still can walk away with loose covenants, writes Victor Jimenez.

    • 19 Jul 2018
  • Golub prints jumbo $1bn middle market CLO

    US middle market CLOs sprung back to life this week with a $1bn deal from Golub Capital, the first new issue of the month.

    • 19 Jul 2018
  • OIS electronification in play for Sonia term rates

    The Bank of England this week laid out its plan to build reliable term rates from the sterling overnight interbank average rate (Sonia) that it has chosen to replace Libor, recommending that overnight index swaps on the rate be traded on venue.

    • 19 Jul 2018
  • Loans in Brief: 19/07/2018

    • 19 Jul 2018
  • New group tackles ultimate green challenge

    A move is under way to broaden the idea of Science-Based Targets — one of the most ambitious wings of the business world’s fight against climate change — to take in other ‘planetary boundaries’ such as fresh water and land.

    • 19 Jul 2018
  • Natixis goes it alone: sorting the balance sheet into green and brown

    Natixis will soon embark on an experiment that may be the first of its kind — introducing a green weighting factor to its internal economic capital model, to tilt incentives for its bankers in favour of green loans and away from ‘brown’ ones.

    • 19 Jul 2018
  • CLO “machine” steamrolling traditional CRE players

    Sources speaking with GlobalCapital on Wednesday said that the growth of the commercial real estate CLO market is gnawing away at lenders’ ability to keep underwriting standards high and remain competitive, pushing out traditional sources of debt capital in favour of debt funds and other alternative providers.

    • 18 Jul 2018
  • Eagle Point targets double-B CLO debt with new fund

    CLO equity investor Eagle Point Credit Management has filed documents with the Securities Exchange Commission to set up a new closed-end CLO debt fund that will target double-B rated tranches.

    • 18 Jul 2018
  • Investors ‘complacent’ in late cycle US levfin

    Corporate fundamentals paint a rosy picture of the health of US leveraged finance markets, but investors are getting complacent given the erosion of creditor protections and the rumbling threat of trade wars, wrote Guggenheim analysts on Wednesday.

    • 18 Jul 2018
  • Investors hope levfin supply boost favours covenant discipline

    The deal pipeline is growing heavier in the European leveraged finance markets, as borrowers adjust to wider yet not prohibitive pricing. But buyers of speculative grade debt also have their eyes on stronger documentation.

    • 18 Jul 2018
  • Investors focus on Bank of England as euro pipeline slows to a trickle

    After a tough run for issuers, the euro corporate bond market appears to have headed for its summer holiday early this year. The sterling market, however, kept investors busy last week, and the Bank of England’s monetary policy committee meeting in August is being closely watched.

    • 18 Jul 2018
  • Singapore dollar bond market prepares for revival

    Singapore dollar issuance has been moving at a snail’s pace over the past few months as nervous investors opt to keep their hands in their pockets. But a generous slew of upcoming redemptions may change that.

    • 18 Jul 2018
  • Birla Carbon wraps up $1.2bn loan with 17 on board

    Birla Carbon has closed a $1.2bn multi-tranche loan after attracting six participants during senior syndication, according to a banker close to the situation.

    • 18 Jul 2018
  • Money360 preps first CRE CLO as new players muscle in

    Money360, a small commercial real estate lender, is joining a number of new issuers who are securitizing floating rate bridge and transitional loans.

    • 17 Jul 2018
  • Tight arb, Libor mismatch eat into CLO equity

    US CLO equity returns have dropped compared with previous years, but the trade is still outpacing the rest of the fixed income market and should improve, sell-side analysts said this week.

    • 17 Jul 2018
  • Netflix to add to growing debt pile

    Netflix said late on Monday that it intends to continue tapping the US high yield bond market to fund an anticipated $3bn-$4bn of negative cash flow this year.

    • 17 Jul 2018
  • Contour plugs into unabated HY refi stream

    Power generation group Contour was in the euro high yield market this week with a two tranche double-B bond refinancing, with the firm looking to join a raft of other issuers that have refinanced despite spreads leaking wider this year.

    • 17 Jul 2018
  • German asset manager preps new CLO, ABS fund

    Union Investment, a fund manager headquartered in Frankfurt and majority owned by DZ Bank, announced on Tuesday the launch of a new fund for institutional clients focussed mainly on CLO investments.

    • 17 Jul 2018
  • Huarong Investment back for HK$3bn refi

    Huarong Investment Stock Corp has returned to the loan market for a HK$3bn ($382m) dual currency borrowing, offering similar terms as last year.

    • 17 Jul 2018
  • Altice gains levfin redemption after winter fright

    French telecoms firm Altice called on the high yield bond and leveraged loan markets with a €4bn cross-border refinancing deal this week, hoping that improved quarterly results would help investors shake off the apprehension they showed for the credit in March.

    • 16 Jul 2018
  • Sivantos unboxes jumbo loan for Widex LBO

    EQT is merging its hearing aid firm, Sivantos, with Danish peer Widex. The largest leg of its funding, a €2.6bn credit facility, has been launched in the leveraged loan market, which is digesting multi-billion deals again.

    • 16 Jul 2018
  • CEVA Logistics tackles leverage with loan refi

    Switzerland’s CEVA Logistics has appointed banks to arrange $1bn of bank financing, as the company looks to clean up its capital structure by repaying bank debt and buying back bonds.

    • 16 Jul 2018
  • Asian dollar debt market perks up

    Asia's bond market is gearing up for a more positive week following marginal improvement in the backdrop. Investment grade rated Bank of Rakyat Indonesia kicked off a new issuance on Monday, with more transactions expected to follow.

    • 16 Jul 2018
  • Vingroup attracts 13 during syndication

    Vietnamese conglomerate Vingroup Joint Stock Company has closed an oversubscribed $400m five year loan to support its automobile business.

    • 16 Jul 2018
  • Codes of conduct: breathing life into dead words

    Are professional codes of conduct shining lodestars for how to behave in financial markets — or dusty screeds of boilerplate that no one can remember? That is what a group of enthusiasts are trying to discover, in the hope that such codes, if used in the best way, could genuinely improve behaviour.

    • 15 Jul 2018
  • Investcorp eyes push into middle market, other CLO debt

    Investcorp Credit Management is looking to expand its footprint in US secured corporate loans, with middle market credit and the CLO debt of other credit managers’ both targets, according to the firm’s head of US credit.

    • 13 Jul 2018
  • CNCB woos lenders to $500m debut loan

    CNCB (Hong Kong) Investment, a subsidiary of China’s Citic Group, has started wooing banks to its $500m debut loan.

    • 13 Jul 2018
  • eHi launches $200m refi into general

    Chinese auto rental company eHi Car Services has launched a $200m three year refinancing loan, led by sole mandated lead arranger and bookrunner Deutsche Bank.

    • 13 Jul 2018
  • H&H launches $350m loan into limited syndication

    Health and Happiness International Holdings has launched its $350m dual-currency loan into limited syndication.

    • 13 Jul 2018
  • Euro primary ABS facing choppy conditions

    With the summer holiday season just around the corner, the flood of new issue euro ABS deals, seen following the IMN Global ABS conference, has turned into a trickle, with just one new mandate announcement on Thursday adding to three deals looking to price in conditions favouring investors.

    • 12 Jul 2018
  • Borrowers show up in HY mart as spreads cease widening

    The euro high yield bond pipeline brought five deals to the market this week, as secondary yield spreads and payoff expectations tightened, partially reversing recent trends.

    • 12 Jul 2018
  • Agile scrapes up $200m in choppy conditions

    Agile Group Holdings printed a smaller-than-expected $200m bond on Wednesday, struggling to source demand in spite of a generous yield, raising questions about the timing of the transaction.

    • 12 Jul 2018
  • RBC takes HSBC's Tufts for sponsors push

    Graham Tufts has left his position as vice chairman of leveraged and acquisition finance at HSBC and is understood to be joining Royal Bank of Canada in a senior role.

    • 12 Jul 2018
  • Supply starved US high yield buyers snap up opportune deals

    Four borrowers took advantage of a barren US high yield market on Tuesday to price drive by deals, including a second deal in the past two weeks from offshore drilling company Transocean.

    • 11 Jul 2018
  • HSBC hires for sponsors and leveraged finance

    HSBC has hired two bankers, one from Credit Suisse and one from UBS, to strengthen its business with private equity firms and in offering leveraged financing.

    • 11 Jul 2018
  • Ronshine taps 2021 line to add $225m

    Ronshine China Holdings reopened a 2021 bond on Tuesday, adding $225m to a three year puttable line sealed in January this year. The deal is the latest in a series of capital raising exercises designed to ease the firm’s refinancing burden.

    • 11 Jul 2018
  • Glut of CLOs drives decline in loan standards

    A spike in the supply of US leveraged loans and CLOs has caused spreads to widen in both markets in recent weeks. While CLO managers are scrambling to satisfy demand for the product, critics say they should be doing more to protect the quality of the loans they are investing in.

    • 10 Jul 2018
  • Finding the social good in NPLs

    As demand for investments with good environmental, social and governance credentials rises, are non-performing loans the ultimate social asset class — or toxic waste that ESG investors should disdain?

    • 10 Jul 2018
  • Euro CLO managers reap the benefits of LBO uptick

    An increase in European leveraged buyout activity is helping boost diversity in CLO pools, according to Bank of America Merrill Lynch.

    • 10 Jul 2018
  • Corrected: Aegis closes $150m LBO loan after seven-month syndication

    Indian business process outsourcing company Aegis has closed a $150m leveraged buyout loan after a seven-month syndication process that attracted only three participants.

    • 10 Jul 2018
  • US CLO debt still attractive for Japanese buyers — BAML

    Bank of America Merrill Lynch analysts said on Monday that despite Japanese investors sitting on the sidelines in recent months as spreads slip wider, improving swap rates still mean US CLO debt is an attractive opportunity.

    • 09 Jul 2018
  • Kongsberg Automotive offers hefty coupon in tight double-B market

    Norwegian car parts manufacturer Kongsberg Automotive is refinancing loans in the high yield market with a deal that offers investors the biggest double-B coupon seen since April.

    • 09 Jul 2018
  • EQT allocates large Azelis buyout loan in private

    Specialty chemicals distributor Azelis offered a €1bn loan deal to fund its acquisition by EQT this week. It has pre-placed almost half of it amid widening margins in the European leveraged loan market.

    • 09 Jul 2018
  • VFS grows unsecured loan to cut second lien

    VFS Global, a tech services specialist for governments across the world, is reducing the cost of its subordinated debt by increasing the size of its term loans ‘B’ to pay down more expensive second lien loans.

    • 06 Jul 2018
  • Canvest boosts loan to HK$1.41bn

    Canvest Environmental Protection Group Company has increased its latest offshore borrowing to HK$1.409bn ($180m).

    • 06 Jul 2018
  • Not ideal timing: Asian HY covenant standards dip

    The quality of Asian high yield bond covenants dropped to an all-time low in the last quarter. Chinese property developers, making the most of a buoyant market, have been cited as the biggest cause. But as the region’s primary bond market continues to struggle, it’s unclear if that push for looser standards can continue.

    • 06 Jul 2018
  • Powerlong closes $305m borrowing

    Powerlong Real Estate Holdings has closed a $305m offshore loan with three lenders.

    • 06 Jul 2018
  • US CLO market powers through holiday week

    The US CLO market has shrugged off the interruption of July 4th festivities, with five managers closing new deals so far in the shortened week and a raft of other issuers closing refinancing and reset transactions.

    • 05 Jul 2018
  • Euro PP buyers lean to loans as MAR and MiFID bite

    Euro private placement (Euro PP) transactions can be structured as loans or as bonds, depending on the preferences of both parties. But some smaller investors have withdrawn from the bond format, concerned that it brings them into the scope of MiFID II and of MAR, though market participants are hatching plans to bring them back.

    • 05 Jul 2018
  • Telecom Lebara adds to fiasco with debut bond buyback delay

    Low cost telecoms group Lebara has delayed its plans for a redemption of its only bond from early July to August, the latest setback in its already long list of communication and disclosure failures.

    • 05 Jul 2018
  • Loans in brief - July 5, 2018

    • 05 Jul 2018
  • Nets snares M&A funding

    Digital payment company Nets has agreed a €515m financing package, as the private equity owned Nordic company prepares to merge with Germany’s Concardis Payment and buy Poland’s Dotpay.

    • 05 Jul 2018
  • Investment banks beef up for take-private bonanza

    Banks have been hiring staff to help financial sponsors hunt jumbo take-private deals as opportunities dry up elsewhere, writes David Rothnie.

    • 05 Jul 2018
  • Sub one-year bonds still alive, for better or worse

    The National Development and Reform Commission (NDRC), China’s offshore debt regulator, has denied considering a ban on bonds with maturities of under one year, giving the market some relief. But confusion and worry remain, writes Addison Gong.

    • 05 Jul 2018
  • Wuzhou defaults on $300m bond after woes onshore

    An event of default has occurred on Hong Kong-listed Wuzhou International Holdings’ $300m bond, after the company failed to make principal payments of Rmb1.002bn ($151m) on its onshore loans.

    • 05 Jul 2018
  • NatWest Markets hires familiar face for HY sales

    Richard Gathercole has been appointed as a director in high yield sales at NatWest Markets, the capital markets division of Royal Bank of Scotland, where he has had several roles in speculative grade and distressed debt since 2007.

    • 04 Jul 2018
  • CVC takes pushback for Mehiläinen loan on the chin

    Investors have squeezed better terms out of Mehiläinen, the Finnish healthcare group seeking a €1bn loan to finance its acquisition by CVC.

    • 04 Jul 2018
  • Greentown allocates $800m loan among 18

    Property firm Greentown China Holdings has closed an $800m borrowing after attracting 17 lenders during syndication, according to a company filing.

    • 04 Jul 2018
  • ‘I don’t think the end is near’: Bankers mull Asia bond slowdown

    Asia’s primary bond market has been deathly silent this week, slammed shut by a pair of public holidays and a gun-shy investor base. But borrowers continue to wait on the sidelines, ready to jump at any chance they can get.

    • 04 Jul 2018
  • Pricing in climate change cannot solve it

    A huge push is on to get capital markets to face up to climate change and start pricing in the risks. But there is a paradox: the more they get priced in, the harder it will get for those most vulnerable.

    • 03 Jul 2018
  • US loans move toward wider pricing, tougher terms

    After a long wave of repricing activity, the amount of new money deals has increased in the US leveraged loan market and this is helping investors gain better terms and pricing.

    • 03 Jul 2018
  • Tikehau brings former Commerzbanker to lev loan desk

    French alternative asset manager Tikehau Capital has hired Lorcan Kinsella for its loan trading team, as it expands its leveraged debt business.

    • 03 Jul 2018
  • China’s NDRC denies 364-day bond ban

    The National Development and Reform Commission (NDRC), China’s offshore bond regulator, has described media reports claiming it would ban bonds with maturities of under one-year as “groundless”.

    • 03 Jul 2018
  • TVS Logistics closes $236.8m borrowing with ten

    TVS Logistics has attracted eight participants during the syndication of its latest dual-currency borrowing.

    • 03 Jul 2018
  • US CLO market preps for heavy reset supply in July

    On top of a busy primary market CLO pipeline, a wave of expensively priced deals sold in 2016 are expected to be reset soon, but some analysts are confident the supply can be absorbed without too much disruption to spread levels.

    • 02 Jul 2018
  • Autodis dares widening HY market with FRN tap

    French car parts distributor Autodis announced an add-on of its only floating rate bond on Monday, amid higher average high yield funding costs but with investors confident that the market can cope.

    • 02 Jul 2018
  • Lowball bids for airline loans lead to EA Partners II default

    EA Partners II, the structured high yield bonds backed by loans to several airlines which are partners of Etihad, announced a note event of default on Friday, thanks to the low bids it received for loans to Air Berlin and Alitalia, both of which collapsed last year.

    • 02 Jul 2018
  • Smaller lev loans in as jumbos rekindle appetite from buyers

    Two borrowers, Marlink and Iris Software, offered a string of new medium sized leveraged loans this week, following the recent launch of some highly anticipated jumbo deals that sources say have helped renew investor interest in the European market.

    • 02 Jul 2018

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 11,819.31 50 7.36%
2 Credit Agricole CIB 11,017.21 47 6.86%
3 Deutsche Bank 9,213.50 34 5.74%
4 HSBC 8,442.65 35 5.26%
5 UniCredit 8,427.21 49 5.25%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 3,647.43 42 7.16%
2 Goldman Sachs 3,642.87 28 7.15%
3 JPMorgan 3,279.22 34 6.44%
4 Deutsche Bank 3,153.00 28 6.19%
5 Credit Suisse 2,939.41 27 5.77%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,575.71 111 9.62%
2 Citi 10,815.50 91 7.67%
3 Goldman Sachs 9,536.47 76 6.76%
4 Bank of America Merrill Lynch 9,455.18 88 6.70%
5 Barclays 9,449.01 71 6.70%