Latest news
Latest news
◆ Fast money reverses out of SSA bond market ◆ CLO managers face risky ramp startegy ◆ Corporate hybrid bond market runs hot despite volatility
Manager tightens spread on triple-A rated notes by 23.5bp compared with the original deal
Lower loan prices offer higher equity returns but managers face rally risk once deals are priced
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NIBC has revamped its UK infrastructure collateralised loan obligation, Adriana Infrastructure CLO 2008-1 B.V., and placed the new sterling denominated ‘A1’ notes with Aviva Investors.
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The surge in US new issue CLOs in 2012 and 2013 has slowed 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 been great enough yet 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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GO Outdoors, the UK outdoor clothing and equipment retailer, on Monday issued its largest financing package to date, refinancing all of its outstanding bank debt while adding an extra £9m.
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Prisa, the Spanish media and education company, could replace some of its loans with PIK notes, bankers said.
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Rhiag, an Italian distributor of aftermarket spare parts for cars, wants to issue €350m of senior secured and PIK toggle notes to repay loans and dividends.
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Xella has emerged as one of the two payment-in-kind bond issuers that bankers had said were preparing deals. The German building materials maker wants to sell €200m of PIK toggle notes to refinance a vendor loan.
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The WorldPay Group, the payment processing company, launched a £150m-equivalent add-on loan on Friday, but has not yet decided in which currency the facility will be denominated.
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The ingredients business of Dutch food producer Vion Foods has been sold to a trade buyer. Darling International of the US will buy Vion Ingredients for €1.6bn.
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Loan Ranger is feeling a distinct sense of nostalgia — specifically nostalgia for those heady, pre-crisis days of 2007. For in the syndicated loan market, there’s an oh-so worrying feeling that we’ve been here before.