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
More articles
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Swedish installation services company Bravida has sold its €375m debut high yield bond to strip its debt of maintenance covenants. The financing in euros and Swedish krona was entirely sold in floating rate notes, which are being dubbed "cov-lite loans" by many leveraged finance participants.
-
Bakkavor, a producer of fresh and prepared foods, has widened guidance on its £150m high yield bond by 75bp to 8.75%-9% and plans to price it today. Credit markets were again weaker on Thursday, which made some investors think the bond should come on Friday.
-
European high yield issuers rarely venture into the private placement market, 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.