September 22, 2014 – General Motors Financial is on the market with a two-part benchmark bond offering that will likely price today. The offering is expected to be at least $1 billion.
September 22, 2014 – Price talk on a $2 billion loans offering by Micro Focus International has been revised to Libor plus 325 bps, according to sources.
September 22, 2014 – Fitch Ratings issued a report Monday predicting the investment performance on leveraged loans and CLO portfolios will remain on stable footing heading into 2015.
September 22, 2014 – Skillsoft Corp. has downsized the first-lien portion of what is now a $650 million incremental loan offer, after price talk and an issuer discount were both widened on a proposal that is to fund its acquisition of software firm SumTotal Systems.
September 19, 2014 – Credit Suisse,which is the top bookrunner for loans backing LBOs this year, has reportedly received a warning from the Federal Reserve about exceeding guidelines on the amount of debt it will finance for corporate borrowers.
September 19, 2014 – Scientific Games is stretching its balance sheet to buy rival slot machine maker Bally Technologies for $5.1 billion, betting that the cost savings will help it compete in a market hit by weaker consumer spending and competition from online gaming.
September 16, 2014 – Covenants of healthcare company junk bonds have been in declining health this year. Covenant quality for these companies is declining at a faster rate than the industry as a whole. Lower default rates are partly to blame.
September 12, 2014 – Some new players are breaking into high yield bookrunning.Bulge-bracket investment banks still dominate the underwriting league tables for larger deals. But they are ceding some ground on smaller deals, particularly those in the $100 million to $250 million range.
September 12, 2014 – In a Q&A with Leveraged Finance News, former Blackrock multisector fixed income head Brian Weinstein discusses his move into alternative investments at Blue Elephant Capital Management, and the huge growth opportunities he sees in bringing institutional investors into peer-to-peer lending.
September 10, 2014 – A judge has ruled that the involuntary bankruptcy of FMB Bancshares in Lakeland, Ga., may proceed, a decision that could embolden more trust-preferred creditors to pursue a similar strategy. Involuntary bankruptcy has emerged in recent months as a tactic for trust-preferred holders seeking repayment.
September 5, 2014 – In a new report, Wells Fargo Securities believes the loan market lull which produced widening spreads in the third quarter has set the table for an increase in net-asset values for CLO portfolios - a welcome change from years of stagnant NAV growth in CLO holdings.
September 5, 2014 – Refinancing is not the driver of high yield bond and leveraged loan issuance that it was over the last two years, and thats not necessarily a good thing. So far this year, 54% of the proceeds of leveraged loans and 59% of high yield bond proceeds went toward refinancing. But thats down from this point in 2013.
August 29, 2014 – The primary junk bond market, which has resembled a ghost town for the past two weeks, is poised to come back to life in September, with new issues totaling more than $42 billion on tap. Larger deals may hold the most appeal for some buyers.
August 8, 2014 – Retail investors are fleeing high yield bonds funds at a record pace of $7.1 billion this week, forcing fund managers to tap their cash reserves and sell some of their most liquid holdings to fund redemptions, even if they feel that the correction is a technical one.
August 8, 2014 – Constellation Brands fast growth in the beer business is diversifying what has been a traditional wine and spirits operationand also leading the way for plans to reduce $6.8 billion in net debt obligations, which include a $990 million term loan repricing that hit the market last week.