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LevFin Leveraged Loans

Interserve 'saves the company' with debt lifeline support deal

Interserve, the struggling support services and construction firm, has signed an £834m-equivalent three year refinancing facility, just months after it narrowly avoided breaching a covenant on its old debt.

Michael Turner, May 10, 2018
ABS

US auto ABS shines as sector extends rally

Despite some concerns over underwriting standards and weak loan originations at some auto finance companies, investors are piling into US auto ABS bonds — with rating agencies also positive on the sector.

Max Adams, May 10, 2018
Asia

New socially aware bond index feeds funds' need to spot shabby dealing

JP Morgan's launch of an environmentally and socially conscious version of its EMBI index is well timed, as fund managers realise that dodgy morals can lead to shabby financial statements.

Jon Hay, May 10, 2018
Corporate Bonds

Daimler finds strong bid for third deal in two weeks

Daimler, the German car manufacturer, has raised more than €7bn equivalent from three different corporate bond markets within two weeks of announcing its quarterly results on April 27. The sterling market was its focus on Wednesday and it received as strong a response as it did in the other two sectors.

Nigel Owen, May 10, 2018
Equity IPOs

Avast prices £602m IPO but trades down on day one

Avast, the Czech cybersecurity firm, closed a well-covered book for its IPO on Wednesday at what bookrunners said was an attractive price, but the stock traded down on its first day.

Sam Kerr, May 10, 2018
Asia

ZTE lenders fear ‘sacrifice’ amid China, US dispute

ZTE Corp’s travails have taken a toll on the Chinese telecommunications firm and its bank lenders, with the company seeking a waiver after a covenant breach on a $450m loan. Despite the Chinese government throwing its weight behind ZTE, smaller lenders in the syndicate are worried about the ramifications, writes Pan Yue.

Pan Yue, May 10, 2018
LevFin Leveraged Loans

Muzinich’s new fund bucks direct lending slowdown

Fundraising for private debt in Europe has slowed, but a new pan-European private debt fund from US house Muzinich targeting mid-market businesses, had raised €460m at its third close this week. The final close is expected later this year.

Victor Jimenez, May 10, 2018
Bank Capital

Axa says it has no extra debt-raising plans after IPO

The initial public offering for Axa’s US business raised less than targeted. This prompted market debate about whether the French insurer is on track in raising cash for its acquisition of XL Group and whether it would need to raise more debt, something denied by the insurer.

Jasper Cox, May 10, 2018
Covered Bonds

Covered supply to improve as dark clouds on the horizon

Next week will be the first and only full business week of the month. With spreads having stabilised, a broad range of issuers are expected to take advantage of the funding window, not least because of some concerns that credit conditions could deteriorate later in the year.

Bill Thornhill, May 10, 2018
Corporate Bonds

Ford finds floating rate note buyers prefer shortest option

On Wednesday, US car manufacturer Ford’s finance arm followed its recent trend in using the euro corporate market to fund itself in floating rate note format. It kept its tenors short with a pair of FRNs, but found investors had a preference for the shorter option.

Nigel Owen, May 10, 2018
Africa

Ghana a go for bond as EM currencies stabilise

The Republic of Ghana is taking advantage of a more stable day in emerging market currency trading to print its bond, though the country’s outstanding paper has widened during the roadshow.

Francesca Young, May 10, 2018
Africa

Afreximbank looks for summer dollars

African Export-Import Bank is setting off on a dollar roadshow to market a benchmark, Reg S dollar bond with a tenor of five to seven years.

Francesca Young, May 10, 2018

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