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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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Hastings Insurance Group has released price guidance for its £415m bond package.
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Yet another European payment-in-kind toggle bond has been announced. Befesa, the Spanish waste management and recycling group, wants to sell €150m of PIK toggle notes this week. -
The WorldPay Group allocated £150m-equivalent of loans on Friday, having opted to take the loan in dollars rather than sterling to achieve tighter pricing and looser terms.
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Attendance at this year’s ABS East confab in Miami Beach totaled more than 3,000, up from 2,700 last year, according to organizer Information Management Network.
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Hastings Insurance Group has launched a £415m senior secured high yield bond to part-finance the takeover of 50% of its business by Goldman Sachs’s Merchant Banking division.
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After a busy July and €7.6bn-equivalent of issuance in September, the high yield primary market has calmed down — building an environment of opportunity for the lowest rated issuers to push out deals.
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German container shipping company Hapag-Lloyd raised €150m on Wednesday by tapping its €250m bond, issued three weeks ago.
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SBB is likely to issue high yield bonds, should the sale of the business result in a private equity takeover. Credit Suisse has pre-marketed staple financing to support a potential LBO of the Serbian telco but a trade buyer is also still in the bidding process.
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Ewos Group has launched its long awaited LBO financing. The Norwegian supplier of feed and nutrition for farmed fish is looking to sell around €420m of high yield bonds in two tranches, alongside a pre-placed subordinated bond.
