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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, the US computer maker, allocated the €700m tranche of its LBO financing early on Wednesday, after European investors overwhelming supported one of the largest covenant-lite deals ever to be issued in the currency. Most of the commitments to the loan came from lenders in Europe, investors and bankers involved in the deal told EuroWeek on Wednesday.
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Investor commitments to Skrill’s €305m loan package are due in on Wednesday afternoon, with allocations expected next week. The terms and size of the UK online payment company’s debt remain unchanged from when it was first marketed at a bank meeting on 12 September.
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Spanish construction and industrial conglomerate Abengoa priced the tap of its 8.875% 2018 notes at the tight end of guidance on Tuesday. -
Emma Delta, an investment fund controlled by a Czech businessman and a Greek, 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.
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Country Garden Holdings Co launched a US dollar denominated deal on Wednesday at the 7.75% area for a 7.5 year non-call four, according to a debt syndicate head on the trade.
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US computer maker Dell has increased the loan portion of its buyout financing, with the euro term loan ‘E’ expected to grow to at least €650m ahead of its Tuesday allocation. The facility will become one of the largest covenant-lite loans ever to be issued in euros.
