Latest news
Latest news
Changing issuance patterns, tight mezzanine spreads and investor demand deliver bumper crop of deals
Deal follows Macquarie's acquisition of Spire, which issued previous Aurium CLOs
Pim van Schie, a portfolio manager at Neuberger, discusses rising investor appetite for CLO mezzanine tranches
More articles
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HeidelbergCement sold a €300m bond with its lowest ever coupon and yield on Monday. The double-B rated German repeat issuer raised €300m of seven year bonds with a yield of 3.375%.
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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.