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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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Tikehau Capital has taken over a US high yield fund formerly managed by Semper Capital Management, bringing over the portfolio managers that run it as well. It is part of the firm’s plan to rebalance its business and boost its liquid strategies offering.
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On Thursday morning, bids for the first repricing of a CLO via an applicable margin reset (AMR) auction will roll in, bringing to life a concept that has the potential to disrupt traditional practices in the sector. -
Together Money is preparing to refinance its 2021 high yield bond with a new £385m senior secured issue, the first sterling deal of the year. The storming performance of the euro and dollar markets have meant that, despite the increased post-election appetite for the UK currency, it simply cannot compete on pricing for many issuers.
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French fashion house Isabel Marant made its high yield bond debut this week with a €200m dividend recap deal.
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Anglo Pacific Group, the London-listed, mining resources royalty company, has amended and extended its dollar revolving credit facility, which has now tripled in the last few years.
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Leveraged credit markets are powering ahead with a jam-packed issuance calendar, despite a wobble on Monday when credit indices widened a little on fears about the coronavirus epidemic. On Tuesday spreads firmed up again, though, and bankers bringing new issues have barely broken a sweat all week.
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