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LevFin High Yield Bonds

TalkTalk and Thames tap in sterling

UK broadband company TalkTalk sold an add-on to its existing high yield notes this week, raising new term debt to pay down its revolver. The company is subject to a takeover bid from Toscafund and Penta Capital, which will leave its existing bonds in place, but grant them security, as well as layering in extra leverage with a PIK toggle from Ares.

Owen Sanderson, January 28, 2021
Equity

Equity investors wobble as value fears rise despite Reddit rocket

US equity markets suffered their worst single day since October on Wednesday, as equity investors reacted to growing concerns over stock valuations and fears of Covid-19 vaccine disappointment. Equity capital markets bankers hope that investor sentiment will hold for new deals, even if global markets take a turn for the worse. Sam Kerr reports.

Sam Kerr, January 28, 2021
RMBS

Kensington brings landmark ‘social RMBS’ to Europe

Kensington Mortgages is bringing the first labelled social RMBS in Europe, a landmark transaction set to be followed by others, as the securitization market catches up to other capital markets which have more readily adopted ethical frameworks. By Tom Brown.

Tom Brown, January 28, 2021
LevFin High Yield Bonds

TeamSystem sells bond for second fund-switch deal

Hellman & Friedman refinanced the capital structure of portfolio company TeamSystem this week as it moved ownership between funds. H&F recently completed a similar transfer of its Verisure holding but, unlike that switch, this move isn’t accompanied by a monster dividend payment to the new fund, although the TeamSystem deal still boosts leverage.

Owen Sanderson, January 28, 2021
High grade and crossover bonds

Will ESG-linked debt prosper in private debt?

European and US direct lending’s insatiable rise to relevance has so far not brought with it a push towards sustainable finance. But this year may be different, as certain private debt funds are setting out ESG blueprints for others to follow.

Silas Brown, January 28, 2021
LevFin High Yield Bonds

Biogroup bond debut shines in unsecured

Biogroup’s debut in the high yield bond market has become one of the tightest ever triple-C rated issues, validating the former loan-only company’s decision to turn to public markets to add subordination to the refinancing of its capital structure.

Owen Sanderson, January 28, 2021
LevFin High Yield Bonds

Trafigura returns to euros after long wait

Trafigura returned to the bond market in euros this week, having been absent since 2015. The commodities trading giant is diversifying its access to funding and is also producing its debut Schuldschein issue alongside the €400m bond.

Owen Sanderson, January 28, 2021
People News

HSBC gives positions to Wirth and Hoffmann within AIBC

Steven Wirth is joining HSBC to head real asset fund coverage, and Giulio Hoffmann is to jointly lead power, utilities and renewables (PURE) for Europe, the Middle East and Africa.

Jasper Cox, January 28, 2021
LevFin High Yield Bonds

Thom tests retail appetite

A bond for French jewellery store operator Thom Group showed that investors can digest debt from lesser loved sectors like retail, though the decision to opt for bonds to refinance its existing loan capital structure might have been prompted by the greater taste for adventure typically seen in the public market.

Owen Sanderson, January 28, 2021
High grade and crossover bonds

IG corporate market predicts March correction

Europe’s investment grade corporate bond bankers and investors are looking to the end of this earnings season for a “needed” correction to trading levels, though some warn it will be shortlived.

Mike Turner, January 28, 2021
SSA

Iceland prints biggest euro bond since 2014 as Joint Laender falls flat

Iceland was awash with demand in the euro market on Thursday, allowing it to comfortably sell its biggest bond in euros since 2014. But it was a far different outcome for the Joint Laender, which failed to achieve full subscription.

Burhan Khadbai, January 28, 2021
Investment Grade Loans

Real estate names pile into debt markets as M&A tipped to soar

Real estate companies are some of the biggest borrowers in Europe this year, with loans for Valor Real Estate and QuadReal Property, a UK/Canadian property joint venture, and Supermarket Income Reit adding to the pile this week.

Mike Turner, January 28, 2021

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