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Lower loan prices offer higher equity returns but managers face rally risk once deals are priced
Despite the allure of lower loan prices, CLO managers should print deals cautiously
Triple-A pricing widens by just 8bp from previous deal, in spite of the Iran war
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TSL Education, the UK educational publisher, yesterday launched a £250m loan package to support its acquisition by private equity firm TPG.
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Continental issued a €750m bond to cut its funding costs on Tuesday. The speculative grade-rated German tyre maker priced the deal with a yield of just 3.25%, on a book of over €3.2bn.
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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About $100 trillion in already illiquid investments—including securitizations—are subject to an outdated infrastructure that further limits liquidity and transparency, according to DealVector Co-Founder and COO Dave Jefferds.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.