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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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The European high yield market has experienced a first half like no other in 2013, with record issuance and super-tight coupons followed by volatility and a secondary market sell-off. But where will the market go from here?
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The European high yield market is not shut, bankers were confident this week, as the last few days brought some market stabilisation. Two banks plan to start premarketing bonds as early as Monday, after the Markit iTraxx Crossover tightened 56bp since the start of the week.
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Vue Entertainment, the UK cinema chain, could start premarketing its high yield bond to finance its takeover by Omers Private Equity and Alberta Investment Management Corp as early as next week.
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Intralot, the Greek gaming machines and systems provider, has postponed plans for a €300m unsecured high yield bond, but could try to access the market again soon, as it still wants to buy back its convertible bond.
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Dealogic league tables of total revenue transactions, June 27, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.
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Vue Entertainment, the UK cinema chain, could start premarketing for its high yield bond to finance its takeover by Omers Private Equity and Alberta Investment Management Corporation as early as next week.
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Credit Suisse Asset Management is back with its European collateralized loan obligation, Cadogan Square CLO V.
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Omar Chaudhary has relocated from Goldman Sachs’ London office to head up the firm’s U.S. collateralized loan obligations new issue business in New York.
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The worst of the high yield market sell-off might be over in Europe, suggested market participants at the Euromoney Global Borrowers' and Investors' Forum in London today. This comes on a day when the Markit iTraxx Crossover tightened for the second day in a row — in what could indicate a market stabilisation.