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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After a surge of transatlantic leveraged loans in July, market participants are adamant that borrowers should keep tapping the US market.
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The UK energy and mining consultancy firm Wood Mackenzie was due to allocate an add-on to its existing debt on Thursday, having relied exclusively on its existing syndicate. The new facilities will be used to pay a dividend to the issuer’s private equity owner, Hellman & Friedman.
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Leveraged Loans
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CVC Capital Partners is preparing a secured and unsecured high yield bond package to finance its takeover of Domestic & General Group, a UK insurance company specialising in appliance breakdown cover.
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Neuberger Berman, the employee-owned US asset manager, has hired Jon Jonsson from JP Morgan Asset Management for its London office.
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Codere, the Spanish gambling company, has decided not to pay the interest on its $300m 2019 bonds, which was due on Thursday.
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Gambling companies have long been frequent visitors to the US high yield market — a wealth of casinos such as the MGM Mirage, Station Casinos and Wynn Las Vegas fall into that category. Now, Europe is increasingly seeing high yield issuers from the gambling industry.
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Auto-Teile-Unger, a German chain of car repair shops, is working on a programme to restructure its balance sheet, which could affect its bonds and loans.
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Investec has put the Pinewood 2013-1 European collateralised loan obligation, managed by Pramerica Investment Management, on hold until later in the year.