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Latest news
Manager adds almost €100m across the CLO's capital structure
The triple-A rated notes' spread widened by 25bp compared to the original deal
Spreads on CLO liabilities stay wide, making resets for deals from multiple vintages unattractive
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Source: Dealogic
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Source: Dealogic
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Volkswagen underscored the strength of appetite for corporate credit by taking the bond market by complete surprise on Thursday when it issued the first hybrid deal from a carmaker since the credit crisis. Incredibly, VW got the €2bn two-tranche perpetual away in a single day’s offering — more smash and grab than drive-by. After attracting a €4.5bn torrent of orders the company was even able to increase and tighten the deal and still see it trade up, writes Stefanie Linhardt. -
NIBC Bank is preparing a €300m European collateralized loan obligation, North Westerly CLO IV, with the Royal Bank of Scotland as arranger.
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Western European syndicated loans
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BSN Medical, the German bandage maker, allocated the refinancing of its euro and dollar term loan 'Bs' late last week. The issuer achieved margins 75bp-100bp tighter than original guidance after attracting investor interest despite a quiet August in the leveraged loan market.
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Numéricable, the French cable operator, has entered discussions with investors about a potential takeover of its sister company Completel. The documentation amendments, which leads presented in a conference call on Wednesday evening, are part of Numéricable’s broader preparation for an initial public offering.
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After an August bereft of deals, the European high yield market is gearing up for a return of transactions in September. While issuance is not expected to top last year's €9.1bn equivalent September record, some €5bn of deals could be in the making.
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Dealogic league tables of total revenue transactions, August 30, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.
