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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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The European CLO market is marking the new year by bracing itself for a series of corporate downgrades. Ellington, a US CLO manager, has been sounding out the European market about bringing an ‘enhanced CLO’ in the first half of the year, which would allow for up to 50% of the portfolio to be debt rated triple-C or below, a far cry from the standard 7.5%. -
Lincoln Financing, the holding company of LeasePlan, hass tapped its senior secured 2024s for an extra €500m, looking to pay down payment-in-kind notes and fund its interest reserve. The deal follows last year’s €1.35bn issue, which paid down debt incurred when a sponsor consortium bought the company in 2016.
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RBC Capital Markets is beefing up financial sponsors, aiming to boost its European business during 2020, writes David Rothnie.
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NatWest Markets has started to offer currency swaps on leveraged loans, with its first ‘perfect asset swap’ traded in December. It joins just two other banks regularly offering the product, which is crucial for connecting the sterling leveraged finance market to the deep demand created by euro-based CLO buyers.
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Crossover credit Cellnex, the Spanish mobile phone mast owner, offered investment grade bond investors the chance to pick up some spread on Thursday, while unrated Air France-KLM waits in the wings.
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Shares in Sirius Minerals, the UK firm that is battling to build a mine for polyhalite fertiliser beneath the North York Moors, rallied significantly on Wednesday after the company said it was in advanced takeover discussions with Anglo American.
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