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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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The European leveraged loan market is attracting ever more foreign issuers, new research from Dealogic has shown. The volume of loans in euros from non-European borrowers is at its highest level since 2007.
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Hertz, the US car rental business, hopes to price its €425m five year bond in the 4.375% area later today.
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The Loan Market Association has launched new documentation for use in leveraged acquisition finance transactions, the group announced on Tuesday.
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This week is shaping up to be another stormer for European corporate bond new issues. Despite Monday’s holiday, €7.6bn of deals are already on the clock, and bankers across the street say Thursday will be busy too.
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CLO managers putting together new deals in the next few quarters may find sourcing loans easier when older CLOs are called as they leave their reinvestment periods, according to Moody’s Investors Service.
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Fiat Finance and Trade issued Sfr450m of four year bonds on Tuesday. The Italian carmaker rated Ba3/BB-/BB- sold the bonds with a 4% coupon — its lowest coupon on a Swiss franc bond so far.
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Private equity firm Apollo has shed the final remnants in its holding of UK estate agent Countrywide after selling around 22.4m shares, or 10.2% of the company, through an accelerated book building process on Monday night.
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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. -
Hertz, the US car rental firm, launched a €425m five year high yield bond today. It had intended to sell its bonds a few weeks earlier but got into its blackout period.
