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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
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Source: Dealogic
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Source: Dealogic
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Investec will take on the risk retention obligations of an originator in a new euro CLO, Pinewood 2013-1, which is managed by Pramerica Investment Management.
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Barclays has reshuffled the management of its EMEA leveraged finance business, moving one of its co-heads to a chairman role and reallocating the syndicate responsibilities of the other co-head, EuroWeek understands. The moves follow changes earlier this year in Barclays’ debt capital markets, financial institutions and SSA teams, writes Stefanie Linhardt.
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The European high yield market has finally embraced a well-earned summer holiday, after the last two planned deals disappeared from the radar. But bankers were quick to stress that both trades had fizzled out for deal-specific reasons, not because of the market environment.
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The limited pool of buyers that exists for the senior portions of European collateralised loan obligations is looking to push spreads wider on the triple-A bonds of upcoming deals, according to CLO officials on the frontline in London. But some participants fear that new deals could be tough to execute in the long run without an anchor investor for senior tranches, writes Hugh Leask.
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The latest pronouncement by Moody’s on how it proposes to treat corporate hybrids has thrown up a barrage of questions for those issuers on the cusp of speculative grade. In a special feature, EuroWeek’s Jon Hay analyses what lies in store.
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Payment-in-kind (PIK) bonds are the flavour of the year. This has unquestionably been the case in the US leveraged finance market, but bankers are also expecting to see more PIKs in Europe. ConvaTec, a UK-based wound and stoma care firm, has become the latest European issuer to sell PIK notes — in big size, with a short execution and in order to pay a large dividend.
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Leveraged loans - news in brief, August 9, 2013