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CLOs

Middle market to expand as CLO investor interest grows

The middle market segment of the CLO industry is attracting the attention of more investors this year amid enduring low yields in fixed income as higher returns on middle market paper and stronger covenants steer more traditional CLO buyers into the space.

Paola Aurisicchio, January 14, 2020
Rating agencies warn on challenging year for aircraft ABS

The aircraft securitization market is showing cracks after enjoying three consecutive record years of issuance. Major airlines have gone bankrupt, credit is deteriorating and competition intensifying, all of which signals 2020 as a year of major headwinds, rating agencies say.

Jennifer Kang, January 14, 2020
Investment Grade Loans

Everton hires JP Morgan, MUFG for stadium

JP Morgan and MUFG have been appointed Everton FC’s financial advisers to arrange roughly £500m ($651m) of financing for the football club’s new stadium at Bramley-Moore Dock in Liverpool. One source close to the prospective deal told GlobalCapital “all options are on the table” regarding funding routes.

Silas Brown, January 14, 2020
Bank Results

Underwriting, fixed income revenues grow at JPM and Citi

JP Morgan, Citi and Wells Fargo kicked off the fourth quarter earnings season for investment banks on Tuesday, showing momentum in underwriting revenues and fixed income trading, while advisory fees and equities trading stumbled.

Jasper Cox, January 14, 2020
Asia

CFTC fines Mirae Asset Daewoo for spoofing

South Korea’s Mirae Asset Daewoo has been ordered to pay $700,000 after a US Commodity Futures Trading Commission investigation found one of its traders had engaged in spoofing.

GlobalCapital, January 14, 2020
LevFin Leveraged Loans

Röhm buyout loan returns to syndication

Advent’s buyout of German chemicals company’s Evonik’s acrylic unit last year is still haunting the leveraged loan market. The banks are relaunching syndication of €977m and $612m of term loan Bs, hoping that investors will find the credit more attractive this time around than when it was first syndicated.

Karoliina Liimatainen, January 14, 2020
SSA

Spain smashes euro SSA book record as Italy and Belgium line up

Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.

Burhan Khadbai, January 14, 2020
High grade and crossover bonds

Prosus gets $1.25bn with Tencent stake boost

Prosus, the Dutch-based consumer internet company spun off by Naspers in September, has launched a $1.25bn 10 year bond, days after it failed to convince shareholders in takeaway delivery group Just Eat to sell it the company.

Francesca Young, January 14, 2020
Asia

Tight dollar successes for KfW and Canada

KfW and Canada both launched dollar benchmarks on Wednesday, bringing a pair of highly subscribed and tight deals. Following their success, two Asian SSA issuers prepare to join the busy dollar market.

Frank Jackman, January 14, 2020
LevFin Leveraged Loans

Wafer-thin margins for giant Froneri financing

Froneri, a PAI Partners-backed ice cream company, is syndicating the financing for its acquisition of Nestlé’s US ice cream business, raising €5.7bn-equivalent of first and second lien debt across three currencies.

Owen Sanderson, January 14, 2020
High grade and crossover bonds

Ireland's ESB opens sterling corporate market with £2bn blowout book

Ireland's Electricity Supply Board opened 2020's sterling corporate bond market on Tuesday and won enough demand to increase the £300m deal slightly.

Mike Turner, January 14, 2020
Hybrid

Arkema hybrid comes as investors pile into risk

Arkema, the French chemicals company, has issued the second corporate hybrid capital bond in Europe in as many days. Bankers say investor appetite for higher risk securities is almost insatiable.

Mike Turner, January 14, 2020

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