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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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European high yield returns have reached 5.2% for the first nine months of this year, up from 4.1% to the end of August, according to Barclays' Pan European High Yield index (excluding financials).
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An amend and extend of outstanding debt by Worldwide Flight Services, the aviation company owned by private equity firm LBO France, received unanimous consent from the company’s existing group of investors on Tuesday. The deal, which will close in the next few weeks, will extend the maturity and substantially increase the margins on two of the debt’s tranches.
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Scandlines, the German-Danish ferry operator, has given the European leveraged loan market a healthy start to October with the launch of a new €875m loan package. The debt, arranged and underwritten by a group of eight banks, will partly serve to refinance outstanding debt and back the buy-out of Allianz Capital Partner’s stake in the company.
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Oberthur Technologies, the French smart card maker, has launched a €200m high yield bond issue as part of a loan-and-bond refinancing of its 2011 buyout debt. -
Card Factory, the UK gift card retailer, allocated a £165m term loan ‘C’ on Tuesday, after a healthy oversubscription enabled arranger Nomura to fix the pricing and original issue discount at the tight end of guidance.
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Scandlines, the German-Danish ferry operator, is preparing documentation to refinance around €1bn of loans. The deal is expected to be launched later this week.
