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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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Dealogic league tables of total revenue transactions, October 24, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.
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European collateralized loan obligation spreads are likely to begin gapping out, potentially dampening the pace of new issuance there, as investors demand spread levels on new deals that reflect recent widening seen in the US market, according to market participants.
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European collateralized loan obligation spreads are likely to begin gapping out, potentially dampening the pace of new issuance there, as investors demand spread levels on new deals reflect recent widening seen in the U.S. market, according to market participants.
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BlueBay Asset Management has launched a total return credit fund skewed to high yield bonds. The fund aims to return 5%-10% a year and also invests in loans, emerging market debt and convertible bonds.
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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. -
Topaz Marine has released guidance for its $350m debut bond. Leads on the high yield deal will close European books at close of business on Thursday and US books later in the day.
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Domestic & General, the UK insurance company, has set final terms on its three tranche £500m high yield bond. The floating rate tranche was increased by £25m at the last minute, while the unsecured fixed rate was cut by the same amount.
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Tullow Oil, the London-listed company that explores for oil in Africa, will start a roadshow for a $500m debut bond on Friday.
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Scandlines, the German-Danish ferry operator, is today receiving final commitments for its €875m refinancing loan package, which is already heavily oversubscribed.
