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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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VodafoneZiggo is marketing a €1.36bn refinancing from its holding company, seizing the chance to lock in tightly priced subordinated debt for a decade. The company is offering euros and dollars in 10 year unsecured format, with five year call protection. -
Carnage in Chinese stock markets apparently has little read-across to European speculative grade credit. Leveraged loan and high yield markets are still wide open, meaning issuers that can refinance are well advised to do so.
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Asia's dollar bond market reopened on Wednesday amid volatility around the rapid spread of the novel coronavirus. But debt bankers in the region are cautiously optimistic about the state of the market.
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The Loan Syndication and Trading Association this week released a questionnaire for leveraged loan borrowers on their environmental, social and governance policies, seeking to give loan investors more insight into the importance of ESG practices among corporate borrowers.
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Man GLG Euro CLO VI on Monday printed triple-A notes at 90bp, a new senior tranche tight for 2020 — but with a shorter reinvestment period than its peers. The deal was at first slated for last year, with the original warehouse set to expire in December, but the manager pushed into 2020 and benefited from a broad market rally — and from splitting the equity tranche.
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Sector Alarm, the Norwegian-based home security company, is looking to reprice its leveraged loan debut from last year, cutting the margin on the €590m facility from 350bp at issue down to 300bp-325bp. The move follows a wave of loan repricings and refinancings from some of the largest issuers, as credit markets continue to tighten despite increased jitters around global growth and the spread of coronavirus.
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