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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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UBS names levfin head — Mizuho finds four high yield bankers — Fintech firm Nivaura gives role to ex-HSBC syndicator -
UBS has appointed Sarah Mackey as head of leveraged finance for Europe, the Middle East and Africa.
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Low & Bonar has asked its lenders to waive covenant testing on its credit facility, as the UK polymers company battles through a tough trading period and tries to ensure its acquisition by a German rival goes ahead.
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A clutch of traders and sales bankers are joining Mizuho International within fixed income, focusing on high yield, investment grade, securitization and SSA.
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Rates trading desks are seeking owners of triple-A European CLO tranches, because of the value of the embedded Euribor floors, which convert negative Euribor prints to 0%. These can be stripped out and sold to the market, monetising a feature of the bonds that has become sharply more valuable as euro interest rates have plunged this summer.
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Sri Rejeki Isman (Sritex) sold an opportunistic $225m bond on Wednesday, becoming the first high yield Indonesian issuer in five months. The company offered investors a juicy premium, which was necessary to appease buyers burnt by turmoil around fellow textile company Duniatex.
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