Latest news
Latest news
Lower pricing across CLO capital structure does little to improve equity arbitrage
Manager tightens triple-A pricing by 27bp and avoids refinancing some junior mezzanine notes
Spread on triple-A rated notes 4bp wide of recent tights
More articles
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Pharmaceutical company Valeant took advantage of strong conditions in the US high yield market on Monday as it issued a bigger than expected $1.5bn eight year senior note to refinance $1bn of debt due 2020. -
The announcement from CVS Health that it would acquire healthcare insurer Aetna is set to result in a flood of debt in the US leveraged finance market, with the firm looking to raise around $45bn of new paper to support the $77bn deal.
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Raiffeisen Bank International has securitized a €1.2bn portfolio of corporate and project finance loans from its Slovak subsidiary, Tatra banka, in what it believes is the first ever securitization of Slovak assets.
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At JP Morgan’s fixed income markets 2018 outlook conference in New York on Tuesday, investors were advised to move into more defensive positions, with macro factors expected to weigh on credit next year.
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Fitch Ratings has hired two experienced bankers to help expand its footprint in US leveraged finance.
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With three weeks in the year still to go, US securitization volume has reached a post-crisis high of $474bn, according to S&P Global Ratings.
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NatWest has taken advantage of robust market conditions and improved its capital position with a synthetic securitization of loans called Nightingale 2017-1.
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Investors pulled $6.8bn from US high yield mutual funds last week, but spreads ended last week unchanged and a busy line-up of issuers have crowded the primary deal pipeline.
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Yield-chasing investors are piling into US direct lending, and the move is taking its toll on credit underwriting. Cov-lite terms and more aggressive leverage are seeping into the traditionally conservative middle market space, even as the spreads on offer track tighter to the larger broadly syndicated market.
