Loans and High Yield
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As Lindorff's market-opening deal proved on Thursday, the European high yield market has a good chance of avoiding contagion from the wider swing away from risk in financial markets — but a comeback like the stunning rallies in January and July is unlikely. -
Leveraged loan bankers returned from their summer breaks this week to find a quiet primary market, with few deals launched and an equally bare pipeline. But bankers remain optimistic that a bout of new CLO issuance in the first half of the year means the market is, essentially, open for business.
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First Gulf Bank — Yapi Kredi Leasing — Ardian
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Tractel is preparing to join a relatively quiet early September leveraged loan market with the launch of a €235m loan package next week.
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A $240m dividend recapitalisation loan for Asia Satellite Telecommunications' (AsiaSat) sponsor Carlyle has seen seven banks commit so far, with one more lender awaited.
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A $165m triple-tranche loan for CVC-sponsored Asia Education Investment is due to close soon with commitments coming in from a couple of banks during general syndication — an outcome criticised by many.
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Lindorff, the Norwegian debt collection company, priced a €230m tap of its floating and fixed rate bonds on Thursday, reopening the European high yield market after the summer break in encouraging style.
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The European high yield market has a good chance of avoiding contagion from the wider swing away from risk in financial markets, according to investment strategists at Deutsche Bank.
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Ardian, the French investment firm formerly known as Axa Private Equity, has opened a new office in Madrid to reinforce its relationships with corporations and clients in Spain.
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Veteran credit strategist Suki Mann is back in the inboxes of investors and traders, after setting up a website called Credit Market Daily that he hopes will bring corporate bonds to a wider audience.
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The investment grade bond and loan markets embraced the September rush with gusto this week, but the high yield bond and leveraged loan sectors look like they need a little more time to limber up.
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Predictions for European high yield bond issuance in September range from the optimistic to those who say the cupboard is bare. But do not underestimate the market's resilience — for the right deal, investors could come out in droves.
