Latest news
Latest news
Market anticipates another record year for new issuance, even as equity returns remain weak
Rating upgrades to CLO tranches by Moody's and Fitch could let managers increase leverage in deals
Manager takes advantage of tight spreads available for refinancings to cut triple-A pricing by 14bp
More articles
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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.
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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.
