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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 borrowers Adb Safegate and Groupe Ecore had active euro roadshows for floating rate debt, keeping the leveraged finance markets open this week. -
A combination of high demand, asymmetric advice and aggressive borrowers is crushing protection terms for leveraged loan investors in Europe, according to fund managers, analysts and lawyers. But the level of demand means that more cov-lite deals emerged this week.
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The euro high yield market was giving signs that investor discrimination is back this week, as borrowers IDG and Victoria respectively marketed and postponed new issue bond deals.
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After a week without any high yield issuance, Verisure launched €1.1bn of dividend recapitalisation and refinancing bond deals this week. The market was already growing busier under tighter secondary spreads and a new refinancing deal from Intertrust.
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Central banks and international financial institutions have raised a storm over vanishing investor protection covenants in leveraged loans. But most warnings about the market have avoided assigning blame where it is richly deserved — to the private equity industry.
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The leveraged finance new issue pipeline has slowed down in Europe. Market participants pointed to weak macroeconomic data, but also the recent alarms about weak covenants.
