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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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The UK’s Tunstall Healthcare is refinancing all its outstanding loans and mezzanine facilities with new drawn and undrawn loans totalling £350m. The debt will be marketed at a bank meeting on Thursday.
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Oberthur has launched €440m-equivalent of transatlantic, covenant-lite loans, to refinance drawn credit facilities issued by the French smart card developer for its buy-out in 2011.
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With investors demanding more paper and net inflows building strongly, high yield bankers expect a bumper couple of months for the market, with deals from a wide range of sectors and jurisdictions using a host of different structures likely to be snapped up. European high yield’s 2013 year to date issuance of €68bn equivalent has eclipsed 2012’s full year record of €58.6bn and more deals are on their way. -
Medical Properties Trust, a US self-advised real estate investment trust, wants to sell a €200m seven year high yield bond.
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Dell, the US computer maker, expects to receive final commitments to its $6.175bn-equivalent covenant-lite loans on Monday. The debt, which includes a chunky euro tranche, will back the company’s buy-out by founder and CEO Michael Dell and private equity firm Silver Lake Partners.
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French cement maker Lafarge attracted a €4.6bn book from 460 accounts for its €750m bond sold on Friday. The investment grade-style deal for the Ba1/BB+ rated company came with a 4.75% coupon to yield 4.828%.
