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Deal comes only slightly outside mainstream CLOs
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
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Cabot Financial, one of the high yield market’s consumer debt purchasers, sold a high yield bond inside price guidance on Monday, in a one day execution. The £100m of senior secured notes were priced at par to yield 8.375%.
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Italian gaming company Cogetech has released guidance and plans to sell its high yield debut on Friday. Bookrunners are guiding the €165m deal in the 10%-10.25% area.
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S&B Industrial Minerals, the Greek mining group, sold its debut high yield bond on Tuesday. The deal finances one of the first leveraged buyouts in Greece since its sovereign debt crisis.
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If there was to be a summer break, no one told the high yield market. Bankers found themselves heading into August with a boom to contend with this week. S&B Minerals priced a €275m deal, while Cabot completed a £100m issue and Cogetech prepared to price its €165m deal on Friday. Two European firms tapped the US high yield market — Alcatel-Lucent for $500m and Swissport for $390m. -
Securitization experts predict no let-up in this year’s resurgence of European collateralized loan obligations after the summer, but they reckon the market could become dominated by big players. The outlook is bleaker for smaller, thinly-capitalised managers who are struggling to get to grips with the European Banking Authority’s risk retention amendments, writes Hugh Leask.
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Leveraged finance bankers will have little summer break this year now that BMC Software, the US enterprise software provider has launched its $4.5bn-equivalent covenant-lite loan package and $1.38bn high yield bond financing.
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GSO Capital Partners is set to price its second euro CLO of the year, Herbert Park CLO, next week through Deutsche Bank.
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Leveraged loan markets syndicated loans - news in brief, August 2, 2013
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UK educational publisher TSL Education allocated its new £250m debt package on Wednesday (July 31), after deepening the discount to attract more investors.
