Latest news
Latest news
Leveraged loan prices have rallied from their post-war dip, with CLO demand remaining strong despite subdued LBO activity
Deal was refinanced with very tight spreads in 2021 and has been out of reinvestment since 2023
Deal includes one of the tightest triple-A prints since spreads widened due to the Iran war
More articles
More articles
-
HAMBROS BANK introduced the Guinness Trust to the capital markets this week with a £60m bond secured on a portfolio of social housing. The 40 year deal, rated Aa2 by Moody's and AA- by Standard & Poor's, was re-offered at 100.4436 to yield 95bp over the 8% 2021 Gilt on a 7.5% coupon.
-
PUMA MANAGEMENT Ltd returned to the Euromarkets this week with a blow-out $900m securitisation of Australian mortgages. Lead manager JP Morgan increased the deal from $700m and still had spare orders. Kieran Brush, Puma's treasurer, said: "The bond was a resounding success by any standards, but in the adverse market we have now it is a triumph. We wanted a well priced, large issue and that is what JP Morgan delivered."
-
NATIONSBANK has set up a fully supported US asset backed CP conduit called Coral Sea Funding Corp to securitise Australian assets. The programme debuted last week, selling CP worth between $100m and $200m. The proceeds from CP are lent to the conduit's parent, Coral Sea Pty, registered in Australia. It will extend secured loans to Australian corporations and buy trade receivables, bringing the benefits of cheap USCP funding to Australian businesses.