Loans and High Yield
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New European leveraged loan financings in 2015 reached a median enterprise value to Ebitda ratio similar to that of 2007-8, according to Fitch research. -
Alvarez & Marsal, the restructuring firm that handled Lehman Brothers’ bankruptcy, is set to deliver early next week a scheme for Abengoa to avoid bankruptcy. Bankers say the high yield market should cope, either way.
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China Nonferrous Metal Mining and Vista Land & Lifescapes are meeting investors ahead of their respective dollar offerings, while Hangzhou Hikvision Digital Technology is set to gauge interest in Europe for a euro-denominated deal.
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Bond specialists in the US and Europe are braced for what could be the biggest ever corporate issue, as Anheuser-Busch InBev finances its takeover of SABMiller.
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China Energy Reserve and Chemicals Group offered bond investors a generous premium to make up for its unrated status and for executing a deal with a less investor-friendly structure. Chinese banks, including those working on the trade, submitted anchor orders and contributed to the transaction's success.
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The Asia ex-Japan debt capital market was crowded with dollar issuers on January 13, with two investment grade bonds and two high yield notes opening in the morning.
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ISDA has released a list of participating bidders for the credit event auction on Thursday to settle Abengoa 2014 credit default swaps.
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La Financière Atalian, the French facilities management company, priced on Tuesday the first European high yield issue of the year. The €125m tap was increased to €150m.
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The International Swaps and Derivatives Association (ISDA) pledged to tighten up the standards that govern its Credit Derivatives Determinations Committee, a welcome move at a time when the committee’s role is evolving and it is assuming greater importance as a quasi-legal authority.
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Banks on Euro Garages' £745m acquisition debt package have set price talk, with bank meetings taking place on Tuesday.
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With only one small tap launched so far in Europe's high yield bond market this year, investors are disappointed with the scarcity of deals in the pipeline.
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Indonesian car rental service provider Indorent has raised $100m from its debut international syndicated loan. The borrowing came with a greenshoe of $50m, which was not exercised.
