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Resets for 2021 and 2024 deals are less attractive to managers due to wider liability pricing
Spreads for the triple-A rated notes were similar to the manager's previous deal
State of New Hampshire's innovative bond gets Ba2 rating
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Equipment rental company United Rentals was in the US high yield market with a $1.1bn bond on Wednesday to support its $2.1bn acquisition of peer BlueLine Rental, after pricing a $1bn term loan to support the deal earlier this month. -
Netflix tapped the high yield market again this week to help finance its heavy spending on new content. But the euro and dollar notes were both priced wide of initial levels.
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US CLO managers have slowed the pace of primary issuance in recent weeks, helping to firm up secondary market debt spreads while other credit markets suffered a sell-off.
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Netflix is tapping the high yield market for its second high yield bond of the year following last week’s earnings report and upgrade by S&P Global.
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The UK’s Heathrow Airport has signed its first loan from Canada’s export credit agency, building its presence among the country’s financiers after printing C$800m of bonds earlier this year.
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Central banks in the US and UK have both raised concerns in recent weeks on the growth of leveraged loan markets and the potential impact on financial stability.
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Fitch Ratings said on Tuesday that the increasing ability of leveraged borrowers to add additional debt without investor pushback would adversely affect the recovery rates for lenders in the event of a default.
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Fitch Ratings said on Monday that it expects to issue unsolicited ratings more frequently on deals it has not been mandated to rate, as the agency looks to respond to more widespread late-cycle lending behaviour in securitization markets.
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Sears filed for Chapter 11 bankruptcy on Monday as a $134m interest payment came due and efforts to restructure the firm’s debt out of court failed.
