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Sole bookrunner Morgan Stanley gets deal multiple times covered
Trade was oversubscribed in under 20 minutes
In highly concentrated book, top 20 investors take 90%
The relaunched IPO was cancelled after leads attempted to reduce the transaction to around €300m
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Leveraged debt fund managers seem resigned to a low-rated deal pipeline and aggressive documentation this week, with the market likely to accept these conditions, despite a sell-off which saw the iTraxx Crossover at its widest so far this year, 340bp, on Wednesday. -
Private equity firms Bain Capital and Cinven are financing their purchase of a further 28.3% stake in Stada Arzneimittel, the German pharmaceutical group, in the euro leveraged finance markets this week, and are having to contend with investors who are in a risk-averse mood.
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Private school operator Cognita was the first borrower in a week to attempt an issue in the euro high yield market with a sub-benchmark size deal. It sought funding for its acquisition by Jacobs Holding, the Swiss investment and charitable firm, but pulled the bond deal after weak demand.
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Nemera, the French maker of drug delivery devices, and UK school operator Cognita are funding their new ownerships in a euro leveraged loan market dominated by acquisition deals.
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Recent deterioration in credit quality, deal terms and potential recovery rates may be storing up trouble in the leveraged loan market but market sources in Europe fear that many of their peers are taking on these risks with no heed to their future impact.
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In a further sign that the European leveraged loan market is approaching the end of the year on a hot note, trading software provider OpenLink is looking to reduce the spread on the leveraged buyout loans it sold in March.
