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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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A bad week for Telecom Italia but a potentially worse one for corporate hybrid capital bonds. -
The surge in US new issue CLOs in 2012 and 2013 has led to a slowdown in the CLO manager consolidation trend that started after the 2008 financial crisis, according to Moody’s. In Europe the return of CLO issuance this year has not yet been big enough to bring in new entrants, the ratings agency added, while in both markets the largest managers still have a significant market share.
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Tempting borrowing conditions in the US continue to attract European borrowers, with two UK issuers taking their leveraged loans across the Atlantic this week in the hope that their deals would achieve tighter margins and more attractive terms.
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Strong demand for crossover-rated Redes Energéticas Nacionais’s €400m bond issue on Thursday again underlined corporate high grade investors’ thirst for higher yielding paper.
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FGA Capital, the car finance joint venture between Crédit Agricole and Fiat, sold a €750m bond on Thursday that enjoyed unusually strong demand thanks to the draw of a near-300bp spread and the company's liberation to borrow at longer maturities.
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Rhiag, the Italian car parts distributor, has pulled its senior secured and PIK bond offering, after agreeing to be bought by Apax on Wednesday.
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Only 17% of high yield companies in Europe, the Middle East and Africa with first time ratings given since 2010 achieved their profit forecasts for the first year after rating initiation, Moody's has reported.
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Scandlines’ €875m loan package is expected to attract a wave of commitments from European investors hungry for new paper, after the deal was marketed at a bank meeting on Tuesday.
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Leveraged loan bankers are losing faith in the idea that a euro-only covenant-lite facility could be set to hit the market, according to a new poll from EuroWeek.
