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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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The surge in US new issue CLOs in 2012 and 2013 has led to a slowdown in the CLO manager consolidation trend that started after the 2008 financial crisis, according to Moody’s. In Europe the return of CLO issuance this year has not yet been big enough to bring in new entrants, the ratings agency added, while in both markets the largest managers still have a significant market share.
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Tempting borrowing conditions in the US continue to attract European borrowers, with two UK issuers taking their leveraged loans across the Atlantic this week in the hope that their deals would achieve tighter margins and more attractive terms.
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Strong demand for crossover-rated Redes Energéticas Nacionais’s €400m bond issue on Thursday again underlined corporate high grade investors’ thirst for higher yielding paper.
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FGA Capital, the car finance joint venture between Crédit Agricole and Fiat, sold a €750m bond on Thursday that enjoyed unusually strong demand thanks to the draw of a near-300bp spread and the company's liberation to borrow at longer maturities.
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Rhiag, the Italian car parts distributor, has pulled its senior secured and PIK bond offering, after agreeing to be bought by Apax on Wednesday.
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Only 17% of high yield companies in Europe, the Middle East and Africa with first time ratings given since 2010 achieved their profit forecasts for the first year after rating initiation, Moody's has reported.