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Latest news
Manager trims spreads on CLO’s investment grade tranches in partial refinancing
New hire spent spent more than a decade at Arnold & Porter
Deal priced 1bp wide of Oaktree's previous new issue transaction
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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.
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Dealogic league tables of total revenue transactions, November 14, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.
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Tank & Rast, the German motorway services operator owned by Terra Firma, is due to launch its long-awaited €2bn loan refinancing by the end of next week, according to three bankers with knowledge of the transaction. -
Energias de Portugal, the Portuguese electricity company, sold a €600m bond on Wednesday, attracting a €2.6bn book before reconciliation. The bond traded up on Thursday.
