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
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Investors in Nokia's debt and credit default swaps have welcomed the Finnish company's decision to sell its handset business to Microsoft and refocus the business on its recently rebranded Nokia Solutions & Networks business.
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Willkie Farr & Gallagher hires Lane for restructuring — Walsh quits Morgan Stanley for Credit Suisse — Porter moves to S&P for bank loan ratings
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The high yield market found its first post-summer issuer on Monday, when Continental, the German tyre maker, sold a €750m unsecured seven year bond. The crossover-rated issuer was seen as having paved the way for truer high yield names to come to market in September, even though its deal had a rather more investment grade ring to it, with its slim yield of 3.25%. -
Energias de Portugal took advantage of a vigorous corporate bond market this week to raise €750m of seven year debt at 5%. On what one banker described as “a peripheral day all round”, EDP was not the only issuer picking the last day before Friday's non-farm payroll data and a potential intervention in Syria to issue.
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Jumbo leveraged buyouts are no longer cool. That at least was the view of private equity executives attending the Euromoney LevInvest conference.
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The case for investing in the equity tranches of European or US CLOs is not compelling because returns do not sufficiently reward the risks involved, two veteran CLO equity investors told delegates at the Euromoney LevInvest European CLO Congress in London on Tuesday. In addition, those equity investors that are participating in new deals are finding themselves in a tussle with triple-A debt investors over the inclusion of protective features, delegates heard at an earlier panel.
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Leveraged finance sponsors, borrowers and investors remain optimistic about the prospects for the European market in 2013, with speakers at the annual Euromoney Leveraged Finance conference hopeful about the market's capacity.
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A new dividend recapitalisation transaction from television operator M7 Group has kicked off what could be a busy month for issuance in the leveraged loan market.
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Dutch non-food retailer Action has closed the syndication of a €275m senior term loan ‘C’ after a 25bp pricing flex.
