Loans and High Yield
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GlobalCapital caught up with Nigel Houghton of the Loan Market Association to discuss the real depth of Europe’s secondary loan market and leveraged loans’ competitive advantage over high yield.
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Outdoor clothing retailer AS Adventure has booked a Friday bank meeting for its €245m acquisition loan, with price talk reflecting investors’ wariness of retail borrowers. -
French insurance broker Siaci Saint Honore launched its €285m acquisition loan this morning (Wednesday) and will guide pricing at a Monday bank meeting.
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GlobalCapital caught up with Nigel Houghton of the Loan Market Association to discuss the real depth of Europe’s secondary loan market and leveraged loans’ competitive advantage over high yield.
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"High yield is back," declared Bank of America Merrill Lynch's research team on Wednesday, as European inflows reached their highest level for 84 weeks.
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British American Tobacco broke new ground in the European corporate bond market on Tuesday when it priced a €600m 30 year bond as part of a €3bn four tranche deal.
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Shimao Property Holdings has returned to the dollar market with a $300m tap of its $800m 2022s. As with the original deal, the new trade saw a huge order book and the issuer ended up giving what bankers agreed was the lowest new issue concession from a Chinese property developer in 2015.
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Faurecia, the French car parts supplier, sold its €500m unsecured bond on Tuesday to yield 3.125%, joining a parade of high yield cost-saving refinancing issues in March.
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Ineos, the Swiss-registered chemical company, has cut pricing on its €1.4bn loan after increasing the facility, a move that investors seem to have taken in their stride.
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British motorway service area operator Moto on Wednesday priced a £175m five year non-call two year second lien bond to yield 6.375%, with which it will redeem a CCC+ rated issue sold in 2011.
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Austrian-South African paper maker Sappi will begin on Wednesday in London the roadshow for its €450m of senior secured notes.
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Just one month on from pricing the year’s first bond from a Chinese developer, Shimao Property Holdings has returned to tap its 2022s for up to $300m, encouraged by the bonds strong secondary market trading.
