Latest news
Latest news
Lower loan prices offer higher equity returns but managers face rally risk once deals are priced
Despite the allure of lower loan prices, CLO managers should print deals cautiously
Triple-A pricing widens by just 8bp from previous deal, in spite of the Iran war
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Noreco, or Norwegian Energy Co, has announced plans to restructure its bonds and raise new equity in a private placement. Holders of its Nkr3.1bn (€383m) of bonds would not lose out on face value under the plans, but would receive less interest and longer maturities.
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Nocibé, the French perfumery store chain owned by Charterhouse, is in exclusive negotiations with Advent International for a buyout. Only a few days ago, Nocibé was premarketing a bond to high yield investors.
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Exopack Holdings, the US-based packaging group, has increased the euro tranche of its new $675m-equivalent transatlantic loan package, to meet demand from European investors.
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Scandlines, the German-Danish ferry operator, received final commitments on Thursday for its €875m refinancing loan package, which was already heavily oversubscribed.
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Hutton Collins, the European investment fund, is due to acquire the restaurant chain Byron Hamburgers in a £100m transaction.
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European CLO spreads are likely to widen, potentially dampening the pace of new issuance, as investors demand spread levels on new deals that reflect recent widening seen in the US market, said market participants.
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High yield bond issuance related to acquisitions is running this year at its highest level since 2007.
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Crédit Agricole CIB has hired two bankers, to strengthen its position in leveraged loans and high yield bonds.
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European leveraged loan investors have long been more conservative than their US counterparts, insisting on stricter terms and wider pricing. But with European borrowers crossing the Atlantic to issue loans, lenders in Europe need to grow more flexible or lose out to US rivals.