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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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General Electric’s distributed power unit began marketing a $1.8bn leveraged buyout loan. The deal has high net leverage and tight pricing guidance, two of the possible risks in the market underlined by the Bank for International Settlements (BIS) this week. -
Spain’s largest department store group, El Corte Inglés, picked a busy week to roadshow its first rated issue. But its bonds will be listed in Dublin, despite efforts from the Spanish financial regulator to force a domestic bond listing in Madrid.
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Private equity firms and corporates are unloading speculative grade debt deals with loose terms, but investors still pocket them this week, suggesting that their recent resolve for discipline may be short-lived.
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MCS Groupe opened a roadshow for a new 2024 floating rate bond this week, as it seeks funding for the acquisition of DSO Group to create a leading player in the debt repurchase industry in France.
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The €6bn debt funding for AkzoNobel Specialty Chemicals’ buyout has some lawyers, bookrunners and investors in the European leveraged finance markets agonising over what they describe as an exercise in private equity firms flexing their muscles.
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Borrowers are unloading a still increasing number of new deals in the leveraged debt primary markets in September, hoping to find sufficient demand. But investor appetite, while supportive, is showing a selective taste this week.
