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
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Dell’s €700m landmark paves the way for further covenant-lite leveraged loans in Europe, bankers and investors agreed this week. Part of the US computer maker’s jumbo LBO financing, the oversubscribed and increased deal defied the scepticism that has long surrounded the product in Europe — especially since publisher Springer Science+Business Media had to offer a discount of 96.5 on an ambitious €615m offering in July. -
Emma Delta, an investment fund controlled by a Czech billionaire and a Greek shipowner, wants to issue €400m of first and second lien unrated high yield bonds to part-finance its takeover of a 33% stake in OPAP, the Greek lottery and football betting company. The deal is Greece’s biggest privatisation this year.
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Blackstone sold a €107m stake in German real estate fund Deutsche Wohnen on Monday night, finding quick and strong demand from the stock's supporters after a busy year so far for the sector.
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The Greek government announced in 2010 plans to raise €50bn from privatisations by 2016. This ambitious goal was lowered to €19bn, before being cut to €15bn.
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SNF Floerger, the French speciality chemicals company, sold its first dollar bonds with a $250m long eight year issue on Wednesday.
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After last week’s mortgage lender Jerrold, this week has brought another new sector to the European high yield market with Medical Properties Trust, a US real estate investment trust. The self-advised Reit sold its bond in line with 5.75% area yield guidance.
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Dealogic league tables of total revenue transactions, September 26, 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.
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High yield bankers in Europe expect a bumper couple of months of deals, as investors are demanding more paper and net inflows into high yield funds are building strongly.
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Abengoa, the Spanish construction and industrial conglomerate, priced a €250m tap of its 8.875% 2018 notes at the tight end of guidance on Tuesday. The deal was supported by real money investors, allowing Abengoa to broaden its funding base.
