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GC Asia
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HY investors take on tougher credits
High yield bond issuance is coming thick and fast in Europe, with primary supply not limited to straightforward Covid-proof credits, but also coming from highly levered firms feeling the pinch of the pandemic restrictions.
09 Jul 2020 -
Baltic telco Bitė boosts size of divi in bond market return
Bitė, a mobile, broadband and pay-TV firm in the Baltic region, and a portfolio company of Providence Private Equity, priced a dividend recap and refinancing of its whole capital structure this week, funded by a dual-tranche high-yield bond offering. This marks the company’s return to bond markets after nearly five years of financing through loans.
09 Jul 2020 -
Axiom launches long/short HY fund at ‘beginning of the end of the cycle’
Axiom Alternative Investments has launched a new long/short global high yield fund, following the hire of Gilles Frisch as a portfolio manager last year, targeting the opportunities that will come through at the end of this credit cycle.
09 Jul 2020 -
Investor group calls for better covenant transparency after TKE victory
The European Leveraged Finance Association has called for better transparency in high yield covenant packages, arguing that clarity is crucial for pricing risk. The call comes shortly after one of the largest covenant climb-downs in recent market history, when lead banks on ThyssenKrupp Elevator stripped many of the most controversial terms from the €8bn financing.
09 Jul 2020 -
HY issuance heats up in last weeks before summer
High yield bond issuance is coming thick and fast in Europe, with new deals for Autodis, Avantor and Diebold Nixdorf announced on Tuesday and Verisure following on Wednesday. Banks have cleared most of their pre-Covid bridge books, and the summer break is nearly here, giving issuers wanting to lock in a refinancing a short window to hit.
08 Jul 2020 -
Market opener Verisure returns for refi
Swedish alarm firm Verisure is preparing a €1bn refinancing, underlining the move in the leveraged credit market from the tough days of March and April to firmer territory where sponsors can optimise capital structures, not just hang on for liquidity at any price.
06 Jul 2020 -
Baltic telco Bitė preps dividend deal and bond market return
Bitė, a mobile, broadband and pay TV firm in the Baltic region and a portfolio company of Providence Private Equity, is prepping a dividend recap and refinancing of its whole capital structure, funded by a dual tranche high yield bond offering. This marks the company’s return to bond markets after nearly five years financed through loans.
06 Jul 2020 -
ThyssenKrupp Elevator sees monster demand, paves the way for LBO lift-off
The huge demand seen for ThyssenKrupp Elevator’s buyout financing, the largest bridge loan left on banks’ books through the Covid-19 crisis, should reassure credit committees and capital markets operators that the LBO market is wide open again, for the right business. Owen Sanderson reports.
02 Jul 2020 -
BASF Construction Chemicals next bridge to drop after TKE blowout
Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking. But underwriters had already taken risk off the table by pre-placing the larger dollar loan, with GSO likely taking a piece.
02 Jul 2020 -
MasMovil bookrunners derisk bond deal with boost to loan
Banks backing Cinven, KKR and Providence’s take-private of MasMovil have boosted the size of the euro loan tranche in the market this week by €500m, cutting down the planned bond that will fund the remainder of the deal, the first major LBO announced in Europe since the coronavirus crisis.
02 Jul 2020
