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Liquidity event at American manager comes at fraught time for industry
No one is sure when AI's threat will strike, or where
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
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Chilean cable company VTR brought life to the Latin America primary bond market on Wednesday, but the company was unable to tighten its new senior-secured eight-year deal beyond guidance as markets are remaining functional but cautious in the face of rising US Treasury yields, said bankers. -
Palmer Square Capital Management has joined a handful of CLO managers that are adding single-B tranches to their US deals, a layer of the capital structure more frequently issued when the market is 'hot', to satisfy investor demand from hedge funds.
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In one of the first pieces of public research on the nascent direct lending asset class in Europe, a report from Oxford University’s Saïd Business School has found that it could grow assets under management by as much as 50% in the medium term, owing to banks retreating from the mid-market and investors looking for higher yields from credit.
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Traders say the CLO market is suffering from new issuance fatigue, while worries over inflation and rising Treasury yields have also begun feeding into the European secondary market. But any softness is unlikely to last long, given a strong longer term technical backdrop.
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WH Smith, the UK high street retailer, has extended its bank term credit lines and cancelled a crisis liquidity facility, as the borrower posted better than expected trading figures since the start of the year.
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Carpet and tile company Victoria returned to the bond market for its second outing in a month, raising another €250m of debt in a drive-by. Unlike its February issue, however, the new cash will mostly be used to push out its maturities, being earmarked to pay down its 2024s at a punchy make-whole spread of 50bp over Bunds.
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