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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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A methodology announcement by Moody’s last week highlights the paradoxical nature of the burgeoning corporate hybrid capital market, and its potential fragility. The agency’s stance could increase the risk of a company falling off a ratings cliff, just at the moment when it loses investment grade ratings. -
BMC Software, the US business software group, expects to release formal price guidance today for its high yield bond issue, to finance its $6.9bn acquisition by Bain Capital and Golden Gate Capital. The lead banks have set price whispers and the tranche sizes.
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Minimax Viking has revised the pricing and structure of its new transatlantic loans package to reflect investor interest in the deal.
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A Caa1/B- rated bond for Playa Resorts Holding, a highly leveraged Mexican and Caribbean hotel play that was being run off the lead banks’ US high yield desks, surprised LatAm DCM bankers and EM debt investors by pricing at a yield of 8% on Monday
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The bond financing for BMC Software’s LBO looked set to provide the highlight of the week in the European high yield primary space as market participants finally began to leave their desks after a busy July.
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Metallum expects to allocate its €295m loan package later this week, after receiving sufficient commitments from lenders on Friday. The metal recycling and processing company will use the money raised to support its buyout by private equity firm TowerBrook Capital Partners.
