Latest news
Latest news
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 lurching volatility in rates, equities and credit spreads as markets get used to the idea that US quantitative easing will have to be withdrawn are making life difficult for corporate bond issuers of all stripes.
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Invesco Senior Secured Management is in the market with a $414.75 million collateralized loan obligation known as North End.
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Intralot, the Greek provider of gaming and transaction processing systems, has postponed its high yield bond debut. The Athens-listed company wanted to raise €300m in unsecured notes but on Friday decided to delay the issue, due to further deterioration in the market.
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Ares Management joined the new issue collateralized loan obligation pipeline Monday with a new $411.50 million trade, Ares XXVII, which is being brought to market by Goldman Sachs.
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UK sandwich shop chain Pret a Manger is set to issue a new £375m loan to refinance debt and pay a dividend to its owner Bridgepoint.
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HSBC has hired Omar Faruqui to run its UK financial sponsors business, as part of a continuing expansion of its global banking business.
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The steady flow of activity in European collateralized loan obligations during the first of 2013 is likely to ease as mid-year approaches, both as part of a wider market slowdown following last week’s Global ABS conference in Brussels and the sustained uncertainty around risk retention.
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CLO specialists are already thinking of ways they can comply with the European Banking Association’s new risk retention rules, after being thrown an unlikely lifeline by Sharon Bowles, MEP.
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Bain Capital is seeking to sell a high yield bond for its planned takeover of Maisons du Monde. The US private equity firm has entered into exclusive negotiations to buy the French furniture retailer for close to €650m.