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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More articles
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The European CLO market is set for another wave of consolidation, according to Jeremy Ghose at 3i Debt Management, speaking on Monday at the Euromoney LevInvest European CLO Congress in London. Smaller, independent CLO managers may look to exit the market as risk retention costs begin to bite, he told delegates.
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New model European collateralized loan obligations may need to take on a greater degree of complexity in order for the recent market resurgence to be maintained, according to speakers on separate panels at the Euromoney LevInvest European CLO Congress in London on Monday.
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Mark Walsh, co-head of Emea leveraged finance and acquisition finance at Morgan Stanley, has left the bank and will join Credit Suisse in November.
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The high yield market has found its first issuer after the summer. Continental, the German tyre maker, sold a €750m unsecured seven year bond on Monday. It launched the deal with a view to sell a minimum €500m bond. -
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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Collateralized loan obligation officials were caught off guard last week by federal regulators’ proposed alternative to CLO risk retention regulation, leaving some in doubt as to whether final rules will at all reflect the efforts of industry advocates and lobbyists.
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Source: Dealogic
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Source: Dealogic
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Volkswagen underscored the strength of appetite for corporate credit by taking the bond market by complete surprise on Thursday when it issued the first hybrid deal from a carmaker since the credit crisis. Incredibly, VW got the €2bn two-tranche perpetual away in a single day’s offering — more smash and grab than drive-by. After attracting a €4.5bn torrent of orders the company was even able to increase and tighten the deal and still see it trade up, writes Stefanie Linhardt.
