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
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Equiniti wrapped up the second stab at its high yield debut on Tuesday night, getting the £440m deal away successfully but with the order book looking a little different to its first, highly oversubscribed attempt on May 23. -
SMCP, the French high end fashion retailer, which was bought by KKR, has announced its premarketed high yield bond. A roadshow for the €290m senior secured seven year bond starts tomorrow.
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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 business.
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Swedish installation services company Bravida has sold its €375m debut high yield bond to strip its debt of maintenance covenants. The new financing in euros and Swedish kronor was entirely sold in floating rate notes, which are being dubbed ‘covlite loans’ by many leveraged finance participants.
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Equiniti, the UK outsourcing company, which yesterday had to withdraw its £440m high yield bond issue priced on Thursday May 23, has launched an equivalent bond issue today.
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Leads have opened books on Banque PSA Finance’s latest securitisation of French auto loans, setting guidance 5bp wider than the German auto ABS that it priced in May and at an even greater discount to other French auto ABS paper.
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Unilabs, the laboratory and radiology services company, has announced a three-tranche €685m high yield bond issue. The proceeds will be used to refinance all its bank debt .
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The Carlyle Group has priced and upsized its Barclays-arranged Carlyle Global Market Strategies Euro CLO 2013-1 collateralized loan obligation from EUR300 million ($388.8 million) to EUR350 million ($453.6 million), which market pros in London said demonstrates the sustained demand for new-issue CLOs in Europe this year.
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In a highly unusual event for the European corporate bond market, Equiniti, the UK outsourcing company, has had to withdraw a £440m high yield issue that it priced on Thursday May 23. The deal – a highly successful sale – is understood to have been stymied by the lack of a regulatory approval from the Financial Conduct Authority for a related change in the company’s structure.
