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
More articles
More articles
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Investors in the top tranches of the first new-issue European collateralized loan obligation since 2010 are trying to offload the bonds into the secondary market, likely because the deal doesn’t comply with the European Banking Authority’s draft changes to the Capital Requirements Directive 5% risk retention requirement.
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Loan Ranger is a sucker for data. He likes few things more than trawling through a seemingly endless inbox of emails to find a well researched and thought-provoking data study among all the usual hubris.
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Unilabs, the Geneva-based laboratory and radiology services company, is looking for a €685m high yield bond issue. The three tranche deal, announced on Tuesday afternoon, will be its bond market debut.
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Equiniti, the UK financial services outsourcing group, had to take the highly unusual step this week of withdrawing a high yield bond between pricing and settlement, and then re-selling the bond with adjusted terms.
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SMCP, the French high end fashion retailer bought by KKR, launched its premarketed high yield bond on Tuesday. A €290m senior secured seven year bond could come as early as Friday.
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European high yield issuers rarely use private placements, 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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The Carlyle Group has priced and increased the size of its Barclays-arranged Carlyle Global Market Strategies Euro CLO 2013-1 collateralised loan obligation from €300m to €350m, which market professionals in London said demonstrated the sustained demand for new-issue CLOs in Europe this year.
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Bakkavor, a producer of fresh and prepared foods, was hit by a rapidly deteriorating high yield market on Thursday, forcing it to price its £150m bond at the wide end of widened guidance.
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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 ingredients business.