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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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Francis McCullough, former managing director and global head of new issue CLOs at Deutsche Bank, has joined Sound Point Capital Management as the firm's global head of CLO capital markets and structuring. -
Credit Suisse has started general syndication of more than $5bn of debt funding EQT and Digital Colony’s acquisition of Zayo, one of last year’s largest LBOs. The dollar market will take the lion’s share of the acquisition loan, with $4.235bn of first lien on offer, but even the euro tranche is substantial, at $825m-equivalent.
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European high yield is still moving fast ahead of next week’s SEC deadline, which will see earnings numbers for the third quarter 2019 go ‘stale’ and force issuers to market deals on their Q4 figures. Monday brought three more mandates for more than €2bn in total, on top of a roadshow already announced for Fedrigoni.
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The first ever refinancing of a CLO via an applicable margin reset (AMR) auction was a success this week, with BNP Paribas among the winning bidders, trading 73% of the total CLO, according to sources familiar with the matter.
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The Gabonese Republic pulled in more than $3bn of demand on Thursday for a $1bn 10 year bond that some observers saw as having been priced flat to its curve.
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New dynamics are appearing in the sustainability-linked loan market, as the product balloons and banks prepare for more intense scrutiny of their green lending activities. The trends highlight how unformed and confusing this young market still is, writes Jon Hay.
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