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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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The Covid crisis has made the CLO market stronger and more attractive to investors, but it has also taught the CLO community to defend itself from distressed debt funds, agreed panellists at the IMN and FIIN conference in the session focused on the CLO market recovery. -
Institutional private credit is emerging as a competitive substitute for bank lending in Europe, but companies need to remember that alternative lenders define what they are looking for more narrowly than banks.
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Gatwick Airport brought its debut subordinated bond to market this week, a high yield issue raised from its holding company that found investor demand for more than three times the deal size, and that was priced at the tight end of talk.
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Swiss technology firm Comet served up a niche sub-investment grade bond to high net worth investors this week, issuing a 1.3% Sfr60m ($64m) five year.
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Leads tightened pricing and increased the size of an opportunistic maturity-pushing loan and bond refinancing for French supermarket Casino this week, with investors keen to buy the company’s turnaround story and look past the troubles of its holding company, Rallye, which needs a slug of cash to pay bondholders in 2023.
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Plenty of CLO managers are still failing their weighted average rating factor (WARF) tests on both sides of the Atlantic, limiting their capacity to buy new lower-rated deals, even as banks bring some of their most challenging offerings to market as the quarter closes.
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