Latest news
Latest news
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal is one of the tightest prints this year and is the second European CLO solely arranged by Mizuho
Debut manager is launching a CLO platform building on leveraged loan market experience
More articles
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Around two-thirds of the leveraged loans market still supports the full use of covenants, a debate at the Euromoney Leveraged Finance conference revealed this week.
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Polish broadcaster TVN has launched a second attempt to refinance its 2017 bonds. The operator of 10 television channels plans to sell €430m of 2020 notes on Friday, after postponing a refi transaction in March.
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Investors in Nokia's debt and credit default swaps have welcomed the Finnish company's decision to sell its handset business to Microsoft and refocus the business on its recently rebranded Nokia Solutions & Networks business.
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Willkie Farr & Gallagher hires Lane for restructuring — Walsh quits Morgan Stanley for Credit Suisse — Porter moves to S&P for bank loan ratings
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The high yield market found its first post-summer issuer on Monday, when Continental, the German tyre maker, sold a €750m unsecured seven year bond. The crossover-rated issuer was seen as having paved the way for truer high yield names to come to market in September, even though its deal had a rather more investment grade ring to it, with its slim yield of 3.25%. -
Energias de Portugal took advantage of a vigorous corporate bond market this week to raise €750m of seven year debt at 5%. On what one banker described as “a peripheral day all round”, EDP was not the only issuer picking the last day before Friday's non-farm payroll data and a potential intervention in Syria to issue.
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Jumbo leveraged buyouts are no longer cool. That at least was the view of private equity executives attending the Euromoney LevInvest conference.
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The case for investing in the equity tranches of European or US CLOs is not compelling because returns do not sufficiently reward the risks involved, two veteran CLO equity investors told delegates at the Euromoney LevInvest European CLO Congress in London on Tuesday. In addition, those equity investors that are participating in new deals are finding themselves in a tussle with triple-A debt investors over the inclusion of protective features, delegates heard at an earlier panel.
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Leveraged finance sponsors, borrowers and investors remain optimistic about the prospects for the European market in 2013, with speakers at the annual Euromoney Leveraged Finance conference hopeful about the market's capacity.
