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
More articles
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The high yield market felt the August influence last week as trading was thin, no new primary deal plans dripped through and fund flows reduced to a minimum.
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Neil Hamilton, partner in the Finance practice of Paul Hastings in London, speaks with Senior Reporter Hugh Leask about the evolving landscape for European CLOs.
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Richard Tynan has been appointed head of syndicate EMEA at RBS in London. He replaces Myles Clarke, who was named COO of RBS's new markets client board in July.
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Boutique investment bank Exotix has hired Andreas Fessler to bolster its European team as it expands beyond its emerging market roots into traditional credit markets, writes Stefanie Linhardt.
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Finnair, the partially state-owned Finnish airline, sold the first euro-denominated corporate bond of August on Thursday. The unrated company priced a €150m five year bond at the tight end of guidance — a result that could tempt some other Finnish corporates to the market.
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Exchange-traded high yield funds are exerting increasing influence on the US high yield bond market, said Fitch Ratings, while dealer banks are holding smaller inventories of corporate bonds. The trend could come to Europe even though ETFs make up a smaller part of the market there.
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Battle lines are being drawn as the US debates changes to its Bankruptcy Code with wide-reaching implications for the $1.2tr US leveraged loan market. Reformers think that too much power has passed to secured lenders, resulting in too many liquidations and not enough reorganisations. The industry, led by the Loan Syndications and Trading Association (LSTA), disputes the data and warns of higher prices for secured credit across the market.
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The healthcare sector is proving popular in the European leveraged loan market, with two borrowers successfully closing transactions this week even though most bankers and investors are still on their summer holidays. -
High yield bonds is European fixed income investors' most favoured asset class for the third quarter in a row, according to rating agency Fitch.
