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Saturday, 16 December 2017

Isabell Witt' s stories

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  • Italian result dents sentiment

    Loans | 01 March 2013

    European leveraged loans were broadly flat to slightly lower last week as the indecisive Italian elections dented sentiment in the wider markets, while loan investors are finding it difficult to find assets to buy. Europe’s top 40 leveraged loans were quoted 7bp lower on Thursday at 98.53% of face value from 98.6% a week earlier.  

  • Cairn Capital

    Relative value

    Loans | 22 February 2013

    Relative value on European leveraged loans is becoming increasingly attractive after a slump in US yields since the start of the year. The first European CLO for Cairn Capital shows US investors allocating more money to European fund managers and large recent transatlantic leveraged loans show higher yields available on non-dollar paper.   

  • Investors win repricing battle

    Loans | 15 February 2013

    Investors have put the brakes on European leveraged loan repricings before they had a chance to set an aggressive precedent, by forcing Iceland Foods and Global Blue to increase proposed margins.

  • An Iceland Foods store

    Europe laments repricing

    Loans | 08 February 2013

    Leveraged loan investors are bemoaning Iceland Foods’ repricing of its £885m management buyout loan, amid concerns that if the deal goes through, it could set a precedent for others to follow and reprice the European market as a whole.

  • Branson

    Virgin trade lifts M&A hopes

    Top News | 08 February 2013

    Liberty Global’s US$23bn acquisition of British cable group Virgin Media has buoyed hopes in the European leveraged finance market that jumbo acquisitions coul

  • Seat Pagine Gialle

    SEAT set for shock second restructuring

    Top News | 01 February 2013

    Italian directories firm SEAT Pagine Gialle’s surprise decision to suspend a bond coupon is now expected to trigger a second round of restructuring. Last week’s announcement, which blamed the weak Italian economy for a continuing decline in print advertising sales, came just five months after the completion of the company’

  • Logo of Czech energy company EPH

    Eastern Europe: EPH boosts hopes for M&A revival

    Loans | 25 January 2013

    Czech energy company EPH’s raising of a €1.5bn loan to buy Slovak gas utility Slovensky Plynarensky Priemysel is an encouraging sign for international lenders that M&A deals in Central and Eastern Europe could start to meet strong underwriting appetite after weak volumes in 2012.

  • Dupont plant

    DuPont revives cov-lites in euros

    Top News | 18 January 2013

    DuPont Performance Coatings’ US$3.2bn LBO loan took advantage of investors’ scramble for paper last week, achieving aggressive terms on both sides of the Atlantic after cutting margins twice.

  • Logo of Italian credit data provider Cerved Group

    Risky business

    Loans | 18 January 2013

    Banks under pressure to win business are being forced to hold riskier, covenant-lite loans for lower-rated European companies, including borrowers from peripheral countries, to win lucrative high-yield bond mandates as competition heats up. 

  • Prices rise further on strong technicals

    Loans | 18 January 2013

    European leveraged loans rose further last week despite signs of caution in the wider markets as investors took a step back from the recent rally and questioned the health of the global economy. Europe’s Top 40 leveraged loans rose another 15bp to 98.53% of face value on Thursday from 98.38% at the end of the previous week, still at the highest level seen since July 2007.

  • Prices at highest level since 2007

    Loans | 11 January 2013

    European leveraged loans last week rose to their highest level since 2007, rallying alongside equity and corporate bond indices, which reached record highs on signs of improvement in the global economy. Europe’s Top 40 leveraged loans rose to 98.38% of face value on Thursday, up 49bp from the previous week and in line with levels last seen in July 2007, when loans began to retreat from their peak at the start of the financial crisis.

  • EMEA Loan House

    EMEA Loan House

    All Special Reports | 14 December 2012

    Staying the course: While many European banks struggled to stay the course in the face of the economic crisis, Deutsche Bank remained firmly in the saddle to ride out the financial storm. For consistently providing leadership across both investment-grade and leveraged loan markets, IFR’s EMEA Loan House of the Year is Deutsche Bank. 

  • EMEA Leveraged Loan

    EMEA Leveraged Loan

    All Special Reports | 14 December 2012

    Head over wheels: Burdened by a difficult credit history, German automotive components maker Schaeffler managed to successfully syndicate an €8bn refinancing despite an uncertain European leveraged loan market. Because it reopened the market in 2012 and salvaged the company’s credit structure, Schaeffler’s deal is IFR’s EMEA Leveraged Loan of the Year.

  • European CLO closure and sponsored refi cliff

    Mind the gap

    Loans | 07 December 2012

    The European leveraged loan market is bracing itself for a drop in liquidity as around €25bn from CLOs will reach the end of their reinvestment period next year and is preparing to bridge the gap by accessing other sources of liquidity such as new loan funds, the bond market and the US loan market.

  • Andrew Swan, head of Asian equities at BlackRock

    Investors move into infrastructure

    Loans | 01 December 2012

    Insurers and pension funds are pushing cash into private investment-grade infrastructure debt used for a growing number of acquisitions or refinancings in Europe, as banks are finding it harder to provide long-term financing and are pulling back from the infrastructure market.

  • Schaeffler

    Schaeffler seeks flexibility on senior loans

    Loans | 01 December 2012

    Schaeffler talked lenders through its amendment request on its €5.6bn senior loan facilities last week, as the German automotive group seeks more flexibility, in particular on its covenants amid a weaker macro-economic environment and to repay debt in the future.

  • US cash comes to Europe

    Loans | 23 November 2012

    US fund managers are beginning to move more cash into European leveraged loans as the market starts offering more attractive yields and many are positioning to fill the gap left by European banks’ deleveraging process and the withdrawal of CLOs.

  • Logo of perfumery chain Douglas is pictured on a building in Frankfurt

    Investors wary of Douglas deal

    Loans | 23 November 2012

    The acquisition by Advent International and the Kreke family of German perfume-to-book retailer Douglas Holding has not yet met the 75% shareholder approval needed for the public-to-private takeover, which is making loan investors cautious about buying debt in the deal.

  • Orizonia to wrap debt reorganisation

    Loans | 09 November 2012

    Tour operator Orizonia is restructuring around €640m of loans as it battles to survive Spain’s economic downturn. Private equity-owned Orizonia, formerly known as Iberostar, has a cash hole in its finances after revenues slumped as the eurozone crisis intensified, a senior investor said.

  • Biffa to accumulate interest as liquidity buffer

    Loans | 09 November 2012

    UK waste management firm Biffa has asked lenders to defer interest payments and put the cash into an escrow account instead to preserve working capital while the company continues talks with lenders to restructure its £1.1bn of debt.

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