Latest news
Latest news
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal is one of the tightest prints this year and is the second European CLO solely arranged by Mizuho
Debut manager is launching a CLO platform building on leveraged loan market experience
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Numéricable, the French cable firm, has launched its first term loan since completing its long-awaited IPO earlier this month.
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Fresenius, the German healthcare company, marketed on Monday its new €1.2bn loan package in Frankfurt, after setting margin and original issue discount guidance on the term loan ‘B’ tranche late last week.
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Although Brazilian ammunition maker CBC Ammo was caught issuing its debut bond on a day of rocketing US Treasury yields bankers used the deals as evidence that the US high yield investor base was still there for LatAm credits.
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Vivacom has joined the list of emerging market companies to issue a bond with high yield documents. The Bulgarian telecoms company is looking to sell its €400m 2018 bond in the 6.75% area at the end of the week.
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The high yield market has a new risk: long-dated bonds. Unitymedia's daring €475m 15 year deal opened a new frontier for the high yield market. Bankers say not every company could issue that long, but you can bet they will think about trying to repeat the deal. Investors, however, should be on their guard.
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Fiat Finance and Trade issued Sfr450m of four year bonds on Tuesday, achieving its lowest coupon so far on a Swiss franc bond. The Italian car firm, rated Ba3/BB-/BB-, sold the bonds with a 4% coupon in its third outing in the last three years.
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Hertz, the car rental firm, priced a €425m 2018 bond at a yield of 4.375% this week in a deal that will support its plans to take out a higher coupon, shorter-dated deal. The new issue traded up from par to 100/100.25 on Thursday, despite a choppy market on Wednesday.
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Non-European euro borrowers – E.On Energy from Waste amendment – Santander AM LBO debt – RAC term loan – Nocibé deal oversubscribed
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Participants at a Loan Market Association seminar have commended the increase in European leveraged loan issuance but expressed concern at the lack of mergers and acquisitions to stimulate further growth.