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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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Milanese pharmaceutical firm Recordati was out with its CVC buyout funding this week — a €1.3bn bond, in a European high yield market that has mostly ignored Italy’s political fights. But on Thursday, volatility went global and investors started pressing for concessions. Recordati went ahead regardless, and priced on guidance.
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The European high yield market appeared unfazed by the spike in Italian risk despite its heavy exposure, with calm secondary trading and Italian names daring to roadshow for new bonds.
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Leveraged buyouts are making a comeback in the European high yield market in October, with the new €1.3bn note for CVC’s acquisition of Italian pharmaceutical firm Recordati the latest example.
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Most European leveraged loan deals in October are achieving savings of 25bp and more over price talk, with demand on the rise. The loan offering to fund Advent’s buyout of Distributed Power confirmed this trend, as it tightened margins and issue discounts.
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Nep Group, a US producer of broadcast programmes, gave price talk below 400bp for all first lien loans in the financing for its buyout by Carlyle, a further sign that margins have tightened in the leveraged loan market.
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Warner Music and Playtech announced new bond offerings with a combined €730m volume on Monday, less than the latest weekly inflows for high yield retail funds. But Bilfinger pulled its deal.