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Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
Upper mid-market firms eschew ‘exciting’ stories as cracks emerge in European private credit
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The former head of US CLO syndication at Deutsche Bank, David Ryan, has been hired by Barclays as director on the CLO syndicate desk in the New York office. -
Market turmoil over the last year is encouraging more CLO managers to hone their technological tools to build better portfolios and to navigate future stress in markets. AllianceBernstein closed its second ever BSL CLO in May and says the success of its programme can be attributed to a series of technological instruments it uses to analyse its portfolio.
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Virgin Media Ireland is looking for €900m of loans, which will have margins linked to specific KPIs, following the Virgin Media/O2 merger in the UK.
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JP Morgan has reorganized its leveraged finance capital markets operations in EMEA, with Todd Rothman and David De Boltz having relocated from London to New York.
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Some European CLO issuers have been sitting on the sidelines of the new issue market waiting for financing conditions at the top of the stack to tighten in order to make deals more economically attractive. However, the huge supply of refinanced and reset CLOs continues to push spreads even wider, meaning that managers may have to bite the bullet and issue deals at levels they may not entirely be comfortable with.
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MicroStrategy’s high yield bitcoin bond is the next step in its journey from business intelligence software firm to vehicle for cryptocurrency speculation. It could be a step too far.
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