Latest news
Latest news
UK regulations take shape, software slide tests CLO managers' mettle and how captive equity is distorting the market
Pricing on triple-A notes may tighten by 21bp as manager avoids refinancing single-Bs
Deal comes only slightly outside mainstream CLOs
More articles
More articles
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Fiat, the Italian carmaker, priced an €850m long six year bond today, winning a strong book. The notes came with a 6.75% coupon at par and traded up on the break.
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FTE Automotive, the German hydraulic clutch maker bought by Bain, has released guidance in the 8.75% to 9% area for its debut high yield bond. Books closed at 4pm today with pricing set to happen thereafter.
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About $100 trillion in already illiquid investments—including securitizations—are subject to an outdated infrastructure that further limits liquidity and transparency, according to DealVector Co-Founder and COO Dave Jefferds.
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UK cinema chain Vue Entertainment has launched its £550m-equivalent buyout financing bond after premarketing it last week. The seven year senior secured notes will come with fixed and floating rate coupons.
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Continental, the German tyre maker, wants to sell at least €500m of high yield bonds to partly refinance its 7.5% bond issue due in 2017.
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A buoyant high yield market and lenders’ willingness to amend and extend loans has helped tackle near term maturities of unrated European LBO debt, according to a new study from Moody’s. However, the report warns that some weaker and smaller companies might still struggle to refinance their maturities.
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German hydraulic clutch maker FTE Automotive is the first issuer hoping to break the chill in the European high yield market and issue the first bond of the second quarter. The €240m of seven year non-call three senior secured notes will finance FTE’s takeover by Bain Capital.
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European high yield market participants are divided over the outlook for new issuance in the next few weeks. While bullish bankers expect the market to get busy as early as next week, their bearish counterparts are already planning to quit the office.
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The European high-yield market has experienced in 2013 a first half like no other, with record issuance and super-tight coupons -— followed by a more familiar pattern of volatility and a secondary market sell-off. But where will the market go from here?