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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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With private equity-backed mergers and acquisitions hitting record levels in Europe, bankers have their tails up as they jostle for the most lucrative fee opportunities, writes David Rothnie. -
Luxury carmaker Jaguar Land Rover launched euro and dollar bonds on Thursday, as it attempts to navigate its way out of the coronavirus pandemic and a global chip shortage.
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Orchard Global Asset Management has hired Rachit Prasad as a portfolio manager for its CLO team. Prasad will join after an 11 year stint as an ABS research analyst at Deutsche Bank.
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More managers are taking advantages of tighter spreads to refinance or reset older CLOs. Carlyle and KKR have lowered the liability costs of deals issued, respectively, in 2017 and 2019. As the cashflow distributions in July begin, the market will receive another infusion of deals as some CLOs, based on their indentures, are callable on their payment dates.
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German airline Deutsche Lufthansa sold €1bn of three and eight year senior unsecured bonds on Wednesday.
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Several Schuldschein issuers have more than tripled their initial targets for deals, with arrangers saying many have gone subject just days after launch. The deal outcomes show a chronic supply and demand imbalance, as the market comes to terms with a persistent drop in deal flow.
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