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
More articles
More articles
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Edcon, the South African fashion retailer, increased its bond issue last week and priced it with this year's highest coupon on a high yield bond in Europe — 13.375%. The notes were priced inside guidance of the 13.5% area.
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Univeg, the Belgian fruit and vegetable distributor, sold its debut bond late on Friday, increasing the high yield issue by €20m to €285m.
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Fresenius, the German healthcare company, is today marketing 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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Global Closure Systems, the French bottle top maker, sold an increased €350m high yield bond issue on Friday.
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Vivacom is adding to the trend of emerging market-based companies issuing a bond with high yield documents. The Bulgarian telecoms company wants to raise €400m of five year non-call two debt.
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Brazilian ammunition maker CBC Ammo became the latest Latin American borrower to be hit by better than expected economic data from the US when it had to widen pricing from guidance to sell a $250m debut bond.
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The U.S. primary market for collateralized loan obligations is trudging through some of the year’s toughest conditions, but deals from firms outside the top-tier CLO managers are getting held up. -
Intermediate Capital Group has sold its second collateralized loan obligation this year, St Paul’s CLO III, which is also the largest European CLO of 2013 at EUR556.5 million ($746.81 million).
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Spreads in senior tranches of new-issue European collateralized loan obligations started the week at recent wides and pushed out further, as issuers struggle to find new buyers of senior CLO paper, echoing a similar problem managers in the U.S. are facing.
