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Despite currency risk, structure offsets some dangers for investors, although lower credit quality remains
No one is sure when AI's threat will strike, or where
Spread on the triple-A rated notes is 8bp tighter than for the issuer's recent deals
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Joe Moroney, leveraged loan portfolio manager at Apollo Capital Management, with $9.3 billion in assets under management, recently spoke with Managing Editor Joy Wiltermuth about the current investor base for new issue collateralized loan obligations and the challenges of bringing new deals to market.
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The moribund European leveraged loan CLO market returned to life this week when Intermediate Capital Group closed a Eu1.42bn deal.
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Royal Bank of Scotland sent shockwaves around the loan market yesterday (Thursday) when it announced it was shutting down its leveraged and project finance lending operations, two areas in which the bank had previously been a market leader. RBS’s business restructuring, details of which were revealed alongside the £24.1bn loss in the bank’s full year results, confirmed widespread fears among project finance and leveraged specialists in Europe that these markets are in for further pain as big providers of underwriting commitments and capital start to signal their complete withdrawal.
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Credit Suisse First Boston has priced the notes for Credit Suisse Asset Management's CSAM Funding III collateralized debt obligation. The $401 million deal was initially slated to be $350 million but was increased due to investor demand, said a source. The $292.5 million AAA tranche priced at LIBOR plus 58 basis points. The top rated tranches on recent deals are reported to have priced at LIBOR plus 55 basis points, but one manager disputed this.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.
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JP Morgan (joint bookrunner) and Mediobanca (joint bookrunner) have been mandated by Enel to arrange the refinancing of a Eu5bn revolver signed in 2001. The pricing, tenor and structure of the new deal will be similar to the loan it refinances. The 364 day deal offered an initial margin of 25bp over Euribor, which ratcheted on a ratings grid. A top ticket of Eu300m offered a fee of 10bp.
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Joint lead arrangers and underwriters WestLB, SG and Lehman Brothers are preparing to launch the syndication of the £426.4m of senior credit facilities for the new Wembley National Stadium into the market next week. A bank presentation is scheduled for the week after. The pricing on the senior debt is set to range between 200bp over Libor to 250bp, which some bankers are describing as priced to sell.
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The Eu170m five year facility for Polskie Sieci Elektroenergetyczne (PSE) is due to be launched into general syndication next week. Citigroup/SSSB (bookrunner) and ING (facility agent) are arranging the deal which pays a margin of between 50bp and 60bp over Libor according to a net debt to Ebitda ratio.