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
More articles
-
Investor commitments to Skrill’s €305m loan package are due in on Wednesday afternoon, with allocations expected next week. The terms and size of the UK online payment company’s debt remain unchanged from when it was first marketed at a bank meeting on 12 September.
-
Spanish construction and industrial conglomerate Abengoa priced the tap of its 8.875% 2018 notes at the tight end of guidance on Tuesday. -
Emma Delta, an investment fund controlled by a Czech businessman and a Greek, 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 leveraged loan market flexed its muscles this week as investors scrambled for US computer maker Dell’s covenant-lite loans. Not only did levloan investors out-compete bond investors, so that a bond tranche was replaced with a loan, but the demand showed just how eager European investors can be for cov-lite paper, although some of the interest will have come from the US.
-
Lenders to Thyssenkrupp have agreed to waive the September covenant test on its €2.5bn revolving credit line after the German steel firm revealed that it ran the risk of breaching its debt to equity requirements.
-
US computer maker Dell has increased the loan portion of its buyout financing, with the euro term loan ‘E’ expected to grow to at least €650m ahead of its Tuesday allocation. The facility will become one of the largest covenant-lite loans ever to be issued in euros.
-
The UK’s Tunstall Healthcare is refinancing all its outstanding loans and mezzanine facilities with new drawn and undrawn loans totalling £350m. The debt will be marketed at a bank meeting on Thursday.
-
Oberthur has launched €440m-equivalent of transatlantic, covenant-lite loans, to refinance drawn credit facilities issued by the French smart card developer for its buy-out in 2011.
-
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.
