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Latest news
Spread on triple-A rated notes 4bp wide of recent tights
Deal will bring fourth major multilateral development bank to the market
Spread on triple-A rated notes falls by 15bp compared with previous deal
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News that UK plastic packaging producer RPC’s board had approved the bid of US rival Berry Global Group has been met with disappointment in Europe’s leveraged finance market, which had been gearing up to finance a £3.32bn leveraged buyout of RPC by US private equity firm Apollo. -
Three CLOs are moving through the euro pipeline with deals from Hayfin and Pinebridge marketing this week, and Goldman Sachs arranging a deal for CVC Credit Partners.
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Beth MacLean, executive vice president and bank loan portfolio manager at Pimco, argued in a recent commentary that growing public concerns about systemic risks linked to US leveraged loans ultimately miss the mark, even as regulators around the world continue to ramp up their scrutiny of leveraged lending.
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Cheyne Capital’s structured investment vehicle (SIV) has finally been liquidated, marking another post-crisis milestone. Cheyne Finance was the first SIV to be forced into wind-down in August 2007, as frozen commercial paper markets stopped it raising funding, and worries about subprime forced it to breach a ‘major capital loss’ trigger and start selling assets. It then entered a restructuring and has been in receivership ever since 2008.
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Some buy-siders are cheering the slump in CLO issuance relative to 2018, saying underwriting and investor protections are likely to improve on the back of slower deal flow.
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As the world has cottoned on to how its dominant role in the CLO market has exploded, Japan’s Norinchukin Bank is apparently under the regulatory spotlight too. There’s nothing wrong with it buying loan exposure by the bucketload, but where it marks that lot might merit close examination.
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A €409.79m CLO, Bilbao CLO II, managed by Guggenheim Partners Europe and arranged by Citi, was sold on Monday with the class ‘A-1A’ notes pricing at 114bp. However, market participants note that CLO arbitrage has taken a turn for the worse.
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A €407.5 CLO from Hayfin Capital Management arranged by Goldman Sachs in the market this week is being offered with senior equity in place of single-B debt, with the equity sold 'within an hour or two' of the announcement, according to a source.
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Mizuho replaces global markets head after less than a year — Syndicate banker leaves ING — Hudson joins Credit Suisse executive board
