Latest news
Latest news
Spreads on CLO liabilities stay wide, making resets for deals from multiple vintages unattractive
Fund is designed to invest in the equity in Bain’s CLOs, but can also invest in liabilities
Manager trims spreads on CLO’s investment grade tranches in partial refinancing
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Topaz Marine priced its $350m debut bond at the tight end of guidance on Friday, with support from high yield and emerging market investors.
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Source: Dealogic.
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Source: Dealogic.
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Friday is rounding up a busy week for the European high yield market, with two transactions from emerging market countries. RCS and Topaz have accelerated their transactions, while Italian car parts distributor Rhiag has also released guidance.
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The European high yield market has not only notched up record issuance this year, but has also become notably broader by sector and geographically — even now taking in an increasing range of emerging market issuers, writes Stefanie Linhardt.
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Private equity firm KKR is set to expand its presence in the European credit market by buying Avoca Capital, a credit investment manager based in Ireland, in the hope of picking up corporate clients left by banks less willing to lend.
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The Dominican Republic proved that demand was strong even for lower-rated issuers, attracting $1.75bn of demand for a new bond of $500m — the maximum it was approved to sell by its congress.
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BlueBay Asset Management has launched a total return credit fund skewed to high yield bonds. It aims to return 5%-10% a year and also invests in loans, emerging market debt and convertible bonds.
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Rhiag is back with a different high yield bond. The Italian car parts distributor wants to sell €415m of senior secured fixed and floating rate notes to support its acquisition by Apax Partners.