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Software loan sell-offs and the Iran war have caused US and European loans to price differently
Manager adds almost €100m across the CLO's capital structure
The triple-A rated notes' spread widened by 25bp compared to the original deal
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Alcatel Lucent and Swissport dipped into US high yield investors’ pockets this week, as the European issuers raised a combined $890m.
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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
