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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European high yield issuers rarely venture into the private placement market, unlike their US cousins. But 1st Credit, a buyer of UK defaulted consumer debt, did just that for its debut bond — a £100m secured seven year non-call three.
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Equiniti wrapped up the second stab at its high yield debut on Tuesday night, getting the £440m deal away successfully but with the order book looking a little different to its first, highly oversubscribed attempt on May 23. -
SMCP, the French high end fashion retailer, which was bought by KKR, has announced its premarketed high yield bond. A roadshow for the €290m senior secured seven year bond starts tomorrow.
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Barry Callebaut, the Swiss-based chocolate company, is planning to raise $600m of 10 year bonds, having recently been downgraded to speculative grade. It wants to part-finance its acquisition of Petra Foods’ cocoa business.
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Swedish installation services company Bravida has sold its €375m debut high yield bond to strip its debt of maintenance covenants. The new financing in euros and Swedish kronor was entirely sold in floating rate notes, which are being dubbed ‘covlite loans’ by many leveraged finance participants.
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Equiniti, the UK outsourcing company, which yesterday had to withdraw its £440m high yield bond issue priced on Thursday May 23, has launched an equivalent bond issue today.
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Leads have opened books on Banque PSA Finance’s latest securitisation of French auto loans, setting guidance 5bp wider than the German auto ABS that it priced in May and at an even greater discount to other French auto ABS paper.
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Unilabs, the laboratory and radiology services company, has announced a three-tranche €685m high yield bond issue. The proceeds will be used to refinance all its bank debt .
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The Carlyle Group has priced and upsized its Barclays-arranged Carlyle Global Market Strategies Euro CLO 2013-1 collateralized loan obligation from EUR300 million ($388.8 million) to EUR350 million ($453.6 million), which market pros in London said demonstrates the sustained demand for new-issue CLOs in Europe this year.
