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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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Numéricable, the French cable firm, has launched its first term loan since completing its long-awaited IPO earlier this month.
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Fresenius, the German healthcare company, marketed on Monday its new €1.2bn loan package in Frankfurt, after setting margin and original issue discount guidance on the term loan ‘B’ tranche late last week.
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Although Brazilian ammunition maker CBC Ammo was caught issuing its debut bond on a day of rocketing US Treasury yields bankers used the deals as evidence that the US high yield investor base was still there for LatAm credits.
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Vivacom has joined the list of emerging market companies to issue a bond with high yield documents. The Bulgarian telecoms company is looking to sell its €400m 2018 bond in the 6.75% area at the end of the week.
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The high yield market has a new risk: long-dated bonds. Unitymedia's daring €475m 15 year deal opened a new frontier for the high yield market. Bankers say not every company could issue that long, but you can bet they will think about trying to repeat the deal. Investors, however, should be on their guard.
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Fiat Finance and Trade issued Sfr450m of four year bonds on Tuesday, achieving its lowest coupon so far on a Swiss franc bond. The Italian car firm, rated Ba3/BB-/BB-, sold the bonds with a 4% coupon in its third outing in the last three years.