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
More articles
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Investec will take on the risk retention obligations of an originator in a new euro CLO, Pinewood 2013-1, which is managed by Pramerica Investment Management.
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Barclays has reshuffled the management of its EMEA leveraged finance business, moving one of its co-heads to a chairman role and reallocating the syndicate responsibilities of the other co-head, EuroWeek understands. The moves follow changes earlier this year in Barclays’ debt capital markets, financial institutions and SSA teams, writes Stefanie Linhardt.
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The European high yield market has finally embraced a well-earned summer holiday, after the last two planned deals disappeared from the radar. But bankers were quick to stress that both trades had fizzled out for deal-specific reasons, not because of the market environment.
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The limited pool of buyers that exists for the senior portions of European collateralised loan obligations is looking to push spreads wider on the triple-A bonds of upcoming deals, according to CLO officials on the frontline in London. But some participants fear that new deals could be tough to execute in the long run without an anchor investor for senior tranches, writes Hugh Leask.
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The latest pronouncement by Moody’s on how it proposes to treat corporate hybrids has thrown up a barrage of questions for those issuers on the cusp of speculative grade. In a special feature, EuroWeek’s Jon Hay analyses what lies in store.
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Payment-in-kind (PIK) bonds are the flavour of the year. This has unquestionably been the case in the US leveraged finance market, but bankers are also expecting to see more PIKs in Europe. ConvaTec, a UK-based wound and stoma care firm, has become the latest European issuer to sell PIK notes — in big size, with a short execution and in order to pay a large dividend.
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Leveraged loans - news in brief, August 9, 2013
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The European CLO market continued to make light of any seasonal summer slowdown this week, with 3i Debt Management and Haymarket Financial pricing deals. GSO Capital Partners could also price its second CLO of the year as soon as Friday.
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BMC Software has radically changed the structure and currency split of its new $5.858bn-equivalent debt financing to feature a smaller loans package — and fewer euros. In its amended form, the transatlantic deal consists of covenant-lite loans worth $4.233bn-equivalent and a high yield bond of $1.625bn.
