Pre-migration untagged articles
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Each day is getting worse for the secondary market. Among today’s biggest losers were “B” term loans for Atrium and IAP Worldwide, which both lost nearly 2-2 1/2 points today, while the covenant-lite term loan for McKechnie Aerospace and Berry Plastics’ term loan “C” each lost 1-2 points since the end of last week. Only 16 names traded up today while over 370 traded down out of the 605 names Markit data tracks.
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With Harry Potter on the brain, one banker in the market had a little fun, sending out a blast e-mail Tuesday after postings of the book mysteriously appeared online.
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The $800 million covenant-lite term loan for Toys "R" Us shot up through 101 on the break after a tough bout through syndication in which pricing was jacked up and call protection and an original issue discount was added.
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This chart, provided by Citigroup Global Markets, tracks bid-ask prices for par credit facilities that trade in the secondary market. -
--Russ Solomon, senior v.p., corporate finance group at Moody's Investors Service, on a report the ratings agency is releasing today on covenant-lite loans.
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The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week.
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ABN Amro this week said it was committed to consider with fairness the bid offers it received from both Barclays and a consortium led by Royal Bank of Scotland.
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Fund inflows after half-year end, the return home of US based issuers, a strong bid from Asia and mid-month asset backed rollovers ensured that dealers specialising in asset backed paper were kept busy this week.
