Latest news
Latest news
Pricing on junior mezzanine notes is diverging as managers have to cope with difficult conditions
Manager extends non-call by a year, tapping into market for shorter-dated deals
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Apollo-sponsored RCCH Healthcare Partners made investor-friendly changes to the bonds and loans it sold this week to support its acquisition of LifePoint Health, widening the pricing as well as tightening the covenants in the debt package. -
LibreMax, the securitization-focused hedge fund started by famed crisis-era ABS trader Greg Lippmann, is betting on the continued bull run of the CLO market with the acquisition of Trimaran Advisors.
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Credit Suisse Asset Management increased the size of its latest CLO by over $200m on Thursday, with ICG also pricing a new deal this week to bring year to date volumes in the US to $112bn.
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The sterling overnight index average (Sonia), the rate chosen to replace sterling Libor by regulators, may suffer from a “bifurcation of… sterling money markets” after Brexit, according to a Bank of England Sonia Oversight Committee.
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The high yield bonds being issued to support Apollo’s acquisition of hospital group LifePoint Health include carve-outs that allow the private equity firm to pay itself dividends by securitizing LifePoint’s property and equipment without falling foul of additional debt and restricted payments covenants.
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Kroll Bond Rating Agency has won a mandate for its first CLO rating, after hiring staffers from S&P Global and Goldman Sachs earlier this year to break into the booming corner of the securitization market.
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Some US high yield analysts have said markets “oversold” last week and are expecting spreads to rebound after they slipped to their widest level in a year.
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The transaction, Alhambra SME Funding 2018-1, comprises sub-investment grade senior secured and unsecured loans to Spanish SMEs and mid-caps originated by Be-Spoke Capital (Ireland) Ltd.
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Alternative investment management firm Ellington, founded in 1994 and based in Connecticut, has teamed up with London-based Trium Capital to launch a long/short credit UCITS fund later this quarter.
