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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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SMCP, the French high end fashion retailer, waited over last weekend before selling its debut high yield bond on Monday, hoping for better market conditions after the previous Thursday’s volatile trading session.
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Barry Callebaut, the newly speculative grade-rated company, succeeded in pricing its 10 year high yield bond on Thursday, but cut it from $600m to $400m in tough market conditions.
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Cable and telecoms business Altice is braving the high-yield market with a €250m transaction. The announcement of the 10 year unsecured bond came on Wednesday, only a day before Unilabs postponed its bond because of market volatility (see separate story).
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Alcentra has priced the seventh European collateralised loan obligation — the JP Morgan-arranged Jubilee 2013 X — of the year this week, with Alcentra understood to be taking down a vertical slice of the bonds in order to comply with the European Banking Authority’s proposed changes to the 5% risk retention rule.
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Unilabs has postponed its high yield bond today, because of market volatility. The Geneva-based laboratory business had already made concessions on price and structure on the €510m of senior secured bonds and €175m PIK notes yesterday, but banks today decided to put the sale on hold.
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Europe’s high yield market, which has enjoyed one of its longest unbroken runs of favourable market conditions since last September, has hit a nasty rough patch. After all the triumph over unprecedentedly low coupons and a record first half of issuance, the music has not quite stopped — but it has been turned right down. -
Alcentra has priced the seventh European collateralized loan obligation—the JPMorgan-arranged Jubilee 2013 X—this week, with Alcentra understood to be taking down a vertical slice of the bonds in order to comply with the European Banking Authority’s proposed changes to the 5% risk retention rule.
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Unilabs has released guidance on its high yield bonds. The Geneva-based laboratory business has had to make concessions on price and structure to attract investors in the present volatile market environment.
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Barry Callebaut, the newly speculative grade-rated Swiss chocolate company, has released guidance for its $600m 10 year bond. The notes are talked in the 5.5%-5.75% area, with books closing tomorrow.
