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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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Dell’s €700m landmark paves the way for further covenant-lite leveraged loans in Europe, bankers and investors agreed this week. Part of the US computer maker’s jumbo LBO financing, the oversubscribed and increased deal defied the scepticism that has long surrounded the product in Europe — especially since publisher Springer Science+Business Media had to offer a discount of 96.5 on an ambitious €615m offering in July. -
Emma Delta, an investment fund controlled by a Czech billionaire and a Greek shipowner, wants to issue €400m of first and second lien unrated high yield bonds to part-finance its takeover of a 33% stake in OPAP, the Greek lottery and football betting company. The deal is Greece’s biggest privatisation this year.
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SNF Floerger, the French speciality chemicals company, sold its first dollar bonds with a $250m long eight year issue on Wednesday.
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Country Garden Holdings Co launched a dollar denominated deal on Wednesday that tightened 50bp from initial price guidance, marking the most aggressive pricing from an Asian issuer since at least May 22.
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After last week’s mortgage lender Jerrold, this week has brought another new sector to the European high yield market with Medical Properties Trust, a US real estate investment trust. The self-advised Reit sold its bond in line with 5.75% area yield guidance.
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High yield bankers in Europe expect a bumper couple of months of deals, as investors are demanding more paper and net inflows into high yield funds are building strongly.
