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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Unrated North Atlantic Drilling has launched a five year high yield bond in the Nkr1.2bn-Nkr1.5bn (€147m-€184m) range. The notes will be senior unsecured and not callable.
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Scandlines, the German-Danish ferry operator, has set a narrow original issue discount guidance on its €875m refinancing loan package, reflecting the strong support for the deal among investors in Europe.
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Ewos Group, the Norwegian fish food company, sold the second largest Norwegian krone high yield bond ever yesterday, and more issuers are lining up in what could be the market's biggest ever year. -
The top-rated portion of the newest collateralized loan obligation from one of the most prominent managers is likely to price in the area of 145 basis points over LIBOR, further demonstrating the difficult environment for CLO debt.
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Ewos Group, the Norwegian fish food business bought by Altor and Bain Capital, has made changes to its high yield bond structure but is still on track to sell its deal later today.
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Broadnet Holding, the Norwegian fibre-based communication business, has issued Nkr2.988bn (€367m) of senior secured loans, the deal’s leads announced in a press release on Wednesday.
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Exopack Holdings, the US-based packaging group, set margin guidance on the dollar tranche of its $750m-equivalent transatlantic term loan at a bank meeting in New York on Tuesday.
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On the verge of a possible US default, the Markit iTraxx Europe Main and Crossover indices paradoxically closed on Tuesday at their tightest levels since April 2010, at 89bp and 358bp. The ratio between the two is exceptionally low, showing how far higher yielding credit has rallied.
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Loans backing dividend recapitalisations have reached their highest volume on record for the third quarter, as private equity firms continue to hold on to their assets rather than sell at a discount.
