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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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European cable TV holding company Altice has launched a €1.045bn loan and high yield bond transaction to finance a series of changes in the company's structure.
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European high yield bankers are putting the brakes on new deals, as secondary market volatility makes it hard to put a price on new issues.
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Investors in the top tranches of the first new issue European collateralised loan obligation since 2010 are trying to offload the bonds into the secondary market. This is most probably because the deal does not comply with the European Banking Authority’s draft changes to the Capital Requirements Directive 5% risk retention requirement.
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Cabot Financial is asking its bondholders for consent to waive their change of control put. A majority stake in the UK debt purchaser has been bought by Encore Capital, just weeks after US private equity firm JC Flowers acquired the business
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InterGen has sold its more than $1bn-equivalent bond issue in dollars and sterling, heavily skewed towards dollars. This came after the European high yield market suffered losses and made sterling investors ask for a higher coupon for a shorter bond.
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Holders of Seat Pagine Gialle’s 2017 bonds are meeting to elect a common representative for the company’s looming restructuring process.
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SMCP, the French high end fashion retailer, waited over the weekend before selling its debut high yield bond today, hoping for better market conditions after Thursday's volatile trading session. The French retailer priced its €290m 2019 bond on Monday.
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Qatar Petroleum Company (Qapco) has signed a QR1.1bn ($293m) three year Islamic loan from Barwa Bank.
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German real estate company Gagfah GmbH is out with a EUR2 billion ($2.64 billion) multi-family CMBS—the largest European CMBS since 2008—that bankers say confirms the standing of the CMBS market as the most efficient way to refinance large multi-family portfolios.