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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How healthy is a loans banker? Not very, you might think. A diet of all things financing takes its toll, no doubt. The banker’s daily bread — a complex carb blend of margins, discounts, currencies and broader market fluctuations — isn’t easily digested. And the sleepless nights, oh the sleepless nights!
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Managers of collateralized loan obligations say the sector would shrink by 75% or more if risk retention rules go into effect as currently proposed, according to a survey from The Loan Syndications and Trading Association of managers representing nearly 70% the CLO market.
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Collateralized loan obligations are gaining back some of their relative-value shine as spreads on new-issue deals resist the tightening being seen in commercial mortgage-backed securities.
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Source: Dealogic
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Ewos Group, the Norwegian supplier of feed and nutrition for farmed fish, will finance its takeover by private equity firms Altor and Bain Capital with secured and unsecured high yield bonds.
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Alcatel Lucent and Swissport dipped into US high yield investors’ pockets this week, as the European issuers raised a combined $890m.
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Cabot Financial, one of the high yield market’s consumer debt purchasers, sold a high yield bond inside price guidance on Monday, in a one day execution. The £100m of senior secured notes were priced at par to yield 8.375%.
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Italian gaming company Cogetech has released guidance and plans to sell its high yield debut on Friday. Bookrunners are guiding the €165m deal in the 10%-10.25% area.
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S&B Industrial Minerals, the Greek mining group, sold its debut high yield bond on Tuesday. The deal finances one of the first leveraged buyouts in Greece since its sovereign debt crisis.