Latest news
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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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.
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The IPO of Merlin Entertainments, the UK theme park operator, raised £957m on Friday, pricing at a premium to its US peers and continuing to trade up through the day.
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Numéricable, the French cable firm, priced its IPO at the top of the range on Friday morning, raising €625m and taking advantage of US investors' continuing interest in the European cable sector.
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The European high yield market has been pushing to ever more bullish highs in 2013 – more issuance, tight pricing, higher leverage, more aggressive PIK structures, challenging countries like Serbia. But this week the market expanded in a completely new way – to a 15 year maturity, writes Stefanie Linhardt.
