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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German-Swiss steel company Schmolz+Bickenbach has launched a change of control put offer to holders of its €258m high yield bond.
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Hastings Insurance Group raised £415m through high yield bonds on Monday to finance the takeover of 50% of its business by Goldman Sachs’s Merchant Banking division. Bankers claimed the deal was the first European insurance LBO to be financed in the high yield market.
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The high yield market is red hot for payment-in-kind toggle bonds, as Befesa underlined again this week. The triple-C rated dividend bond for the Spanish waste management and recycling group sent year to date European PIK toggle issuance to 14 deals worth €4.3bn.
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European leveraged finance borrowers are enjoying an issuer's market. With deals in short supply, banks are bending over backwards to win business, and borrowers are taking advantage. Higher leverage, lower fees, better terms – it’s all going their way. -
Unrated North Atlantic Drilling sold a Nkr1.5bn ($252.8m) five year high yield bond on Thursday. The notes are senior unsecured and not callable.
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Broadnet refis — CCM Pharma reprices — WS Atkins attracts new lenders
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Scandlines, the German-Danish ferry operator, has set a narrow original issue discount guidance on an €875m refinancing loan package, reflecting strong support for the deal among investors in Europe.
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Leveraged loan borrowers are becoming increasingly flexible on currency denomination in their quest to achieve the most aggressive terms, with four deals in just two weeks pitching euro, dollar and sterling investors against each other in fierce competition before choosing the most favourable option.
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Loans backing dividend recapitalisations have reached their highest volume on record for the third quarter, as private equity firms continue to hold on to their assets rather than sell at a discount.
