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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 European high yield market has finally embraced a well-earned summer holiday, after the last two planned deals disappeared from the radar. But bankers were quick to stress that both trades had fizzled out for deal-specific reasons, not because of the market environment.
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The limited pool of buyers that exists for the senior portions of European collateralised loan obligations is looking to push spreads wider on the triple-A bonds of upcoming deals, according to CLO officials on the frontline in London. But some participants fear that new deals could be tough to execute in the long run without an anchor investor for senior tranches, writes Hugh Leask.
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The latest pronouncement by Moody’s on how it proposes to treat corporate hybrids has thrown up a barrage of questions for those issuers on the cusp of speculative grade. In a special feature, EuroWeek’s Jon Hay analyses what lies in store.
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Payment-in-kind (PIK) bonds are the flavour of the year. This has unquestionably been the case in the US leveraged finance market, but bankers are also expecting to see more PIKs in Europe. ConvaTec, a UK-based wound and stoma care firm, has become the latest European issuer to sell PIK notes — in big size, with a short execution and in order to pay a large dividend.
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Dealogic league tables of total revenue transactions, August 8, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.
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Dealogic league tables of loans transactions, August 8, 2013.