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
More articles
More articles
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With investors demanding more paper and net inflows building strongly, high yield bankers expect a bumper couple of months for the market, with deals from a wide range of sectors and jurisdictions using a host of different structures likely to be snapped up. European high yield’s 2013 year to date issuance of €68bn equivalent has eclipsed 2012’s full year record of €58.6bn and more deals are on their way. -
Medical Properties Trust, a US self-advised real estate investment trust, wants to sell a €200m seven year high yield bond.
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Dell, the US computer maker, expects to receive final commitments to its $6.175bn-equivalent covenant-lite loans on Monday. The debt, which includes a chunky euro tranche, will back the company’s buy-out by founder and CEO Michael Dell and private equity firm Silver Lake Partners.
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French cement maker Lafarge attracted a €4.6bn book from 460 accounts for its €750m bond sold on Friday. The investment grade-style deal for the Ba1/BB+ rated company came with a 4.75% coupon to yield 4.828%.
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Abengoa, the Spanish construction and industrial conglomerate, has announced a two day roadshow to market a tap of its 8.875% 2018 senior notes, rated B2/B.
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Jerrold, the UK specialised mortgage lender, brought a new sector to the European high yield market with its debut bond on Friday — a week that saw some €2bn equivalent of high yield bonds sold.
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Seadrill, the Norwegian offshore drilling contractor, sold a $500m unsecured 2020 bond on Friday. The notes, led by Deutsche Bank, came with a 6.125% coupon.
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Hapag-Lloyd, the German container shipping company, raised €250m in an unsecured bond issue on Friday — €50m more than initially planned — on a strong book.
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Some bank investors in European collateralized loan obligations at the triple-A level have been ordered to hold off from buying any more new issuance until regulations on risk retention have been clarified.
