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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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Jefferies and Kennedy Lewis Investment Management will invest $160m with asset manager TCW to boost the firm's CLO issuance program over the next two years. -
Jefferies has enjoyed a record year in European investment banking, powered by equity capital markets, writes David Rothnie.
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Sterling supply in high yield and leveraged loans has proved a rare sight since the 2016 Brexit vote, with UK-based borrowers preferring to seek euro funding where possible. But this week saw four deals in the currency — a relative bonanza.
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The Covid casino has produced winners and losers among Europe’s high yield gaming firms, with lottery firm Sazka securing a fat equity cheque from Apollo, while Codere has some worried that its restructuring, wrapped up in October, did too little to cut its debt burden.
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Thames Water’s holding company launched a sub-investment grade bond and tender offer to push out its 2022 maturity, announcing the new bond as markets firmed up on Monday.
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CLO equity is still a scarce commodity, despite better than expected performances from the asset class this year in the face of the pandemic. Some investment firms are said to be raising CLO equity funds, but others suggest it remains hard going, and managers with captive funds will remain in charge.
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