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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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Ithaca Energy and Imagina joined a recent spate of European leveraged finance issuers failing to price deals or amending documentation this week. Investors have said they are recalibrating their portfolios after bingeing on debt from certain sectors, despite generally strong appetite for speculative grade paper. -
Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.
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Alvarez & Marsal has continued its drive into the transaction advisory business with the hire of four managing directors in Paris. The firm believes the moment is opportune because of regulatory change and the 'Macron effect'.
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Speculative grade investors are being tempted by higher total returns in the leveraged loan market, but lack of supply and growing demand is favoring a loosening of default protection covenants.
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Analysts have reacted with surprise but not frustration after Vodafone’s chief executive officer Vittorio Colao announced he was stepping down on Tuesday. New boss Nick Read looks likely to have a tricky task ahead of him to retain the company’s credit rating amid its €18.4bn debt-financed acquisition.
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Law firm Ropes & Gray has hired former Goldman Sachs managing director Carol Van der Vorst as a partner in its leveraged finance team in Europe.
