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Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
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Source: Dealogic
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The €300m issue for Huntsman, the US chemical company, again underlined the strength of the European high yield bond market this week.
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Jaguar Land Rover issued $200m more than planned in its $700m drive-by high yield bond on Tuesday. The notes were priced inside guidance at par to yield 4.125%.
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PortAventura followed the theme of increasing high yield deals and tight pricing on Thursday. The Spanish theme park and destination resort enlarged its bond by €20m to €420m bond and the notes traded up.
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Sanitec, the Swedish bathroom fixtures firm, saw its stock price rise as it was floated on the Swedish stock exchange on Monday.
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Empark, the Spanish car parks operator, attracted a strongly oversubscribed book for its €385m bond debut.
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Some large shareholders this week grabbed the opportunity to drain the final dregs of 2013 liquidity, launching block trades for stakes in firms including Bpost, St James’s Place and CAT Oil (see separate stories). With investors’ Christmas parties competing for attention from next week, a final flurry of block trades were squeezed into this week’s business.
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German high yield issuers Heidelberger Druckmaschinen and Wepa took advantage of tightened secondary spreads this week with taps for around €50m each.
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With demand for leveraged loans far outweighing supply, deal sponsors are pushing for unprecedentedly loose documentation, writes Olivier Holmey. Already reducing margins, extending maturities and pushing up leverage ratios on their portfolio companies’ debt, private equity firms are now even seeking to rid transactions of their core incurrence and maintenance covenants.
