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FINRA Pushes for More High Yield Trading Transparency

An increasing share of corporate bond trades are taking place on electronic venues, and the Financial Industry Regulatory Authority (Finra) wants them to start disclosing more information. The push for more disclosure comes as electronic trading platforms siphon off an increasing share of trading activity.


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Toys ‘R’ Us Price Talk Emerges

– Toys “R” Us and bookrunner Goldman Sachs have established wider-than-average price-talk spreads for the struggling retailer’s $1.38 billion secured loans launch this week–indicative of the company’s longstanding weak credit profile.

Zebra Technologies to Price Bonds; Loan Talk Widens

– Zebra Technologies set price talk on $1.25 billion in senior notes, according to KDP Investment Advisors, with the expectation the bonds would price today via bookrunners Morgan Stanley and JPMorgan.

JMP Group Closes on Second CLO Post-Crisis

– The $370.5 million JMP Credit Advisors CLO III will increase the firm's assets under management by roughly 50%, to over $1 billion, once the funds are fully deployed.

Moody’s Raises Penney’s Outlook

– Moody’s Investors Service raised J.C. Penney’s outlook to stable from negative, and affirmed the company’s ‘Caa1’ corporate family rating, stemming from the retailer’s recent closing on $400 million in senior unsecured notes to partially fund a tender offer for other existing bonds.

  • Team Health Proposes $300M Loans Upsizing
  • TIBCO Obtains Commitments for $4.3B Buyout
  • Grocery Outlet Launches $725M Loan Package
  • Sensata Discussing $600M Loan
  • Two Companies Pulls $350M of HY Bond Offerings
  • Mattress Firm Revises Price Talk, Adds Step-Down
  • Alpha Natural Resources Amends Senior Credit Facility
  • Bill Gross Departs PIMCO for Janus Capital
  • Bioplan Returns with $585M Loans Proposal
  • ETFs Power HY Funds to Positive Flows
  • More

    Featured Articles

    Fitch Raves on Revolver Recoveries

    – With the exception of “highly cyclical” commodities businesses or an occasional instance of fraud, secured lenders of revolvers and asset-backed loans have largely experienced full recoveries in bankruptcy proceedings over the past nine years, as detailed in a new report by Fitch Ratings.

    Investors Playing Nice with Toys ‘R’ Us

    – According to Markit, three existing loans and a notes issue that are being refinanced took a major pricing leap after the company outlined plans in a Sept. 23 registration filing to issue new term loans of up to $1.025 billion in addition to a new $350 million revolver tranche.

    Euro CLOs Taking a Shine to Volcker

    – Several European CLOs have garnered attention this year as the first breed of self-professed Volcker-compliant issues from Europe, designed to attract U.S. bank investments or meet the regulatory requirements of a U.S.-based parent bank.

    Fed Flexes Muscle on Leverage Limits

    – 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.

    Scientific Games Reshuffles Debt

    – 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.

    Healthcare Covenants In Poor Shape

    – 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.

    Bulge-Bracket Cedes Ground on Smaller Deals

    – 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.

    Taking P2P Loans Institutional

    – 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.

    Judge Sides with Creditors in TruPs Bankruptcy Fight

    – 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.

    Loan Market's Pain is CLO Managers' Gain

    – 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.

    Why to Keep an Eye on Waning Refis

    – Refinancing is not the driver of high yield bond and leveraged loan issuance that it was over the last two years, and that’s 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 that’s down from this point in 2013.

    HY New Issue Market Poised to Return

    – 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.

    Why Junk Debt Hasn't Sold Off More

    – 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.

    Constellation Delevering With Beer Flows

    – Constellation Brands’ fast growth in the beer business is diversifying what has been a traditional wine and spirits operation–and 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.

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Firm: EA Markets

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