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Tuesday, 17 October 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.

  • European funds face pressure amid sluggish growth

    Structured Finance | 02 November 2012

    An expected rise in loan defaults and sluggish corporate growth in Europe is putting pressure on CLO funds to meet their quality tests. 

  • LMA

    LMA requests UCITS compliance from EC

    Loans | 26 October 2012

    In a response to a European Commission consultation paper, the Loan Market Association has requested that certain types of loans are made eligible under the UCITS IV Directive to allow retail investors to invest in the asset class.

  • Market takes a breather

    Loans | 26 October 2012

    The European secondary loan market was slightly softer last week, pausing for breath after a rally in the previous week, with Europe’s top 40 leveraged loans dropping by a slight 7bp to 97.05% of face value by Thursday.

  • A motorist approaches toll booths on the M6 Toll motorway near Birmingham in northern England

    Swap costs limit deals

    Loans | 19 October 2012

    Billions of pounds of interest rate swaps written in the 2006 and 2007 buyout boom are making it difficult to refinance or restructure the debt of European leveraged infrastructure, project finance and real estate companies, and risk increasing their debt.  

  • Birds Eye Iglo

    Investors could force Iglo adjustment

    Top News | 19 October 2012

    Permira may have to make further tweaks to the latest dividend deal for its Birds Eye food group Iglo to avoid another round of pushback against aggressive terms from some loan investors.

  • Prices rise as flurry of deals allocated

    Loans | 19 October 2012

    Europe’s secondary loan market rose last week as a number of well-liked loans allocated to trade, while data from the US and China also contributed to improved sentiment.

  • Logo of German bandage maker BSN Medical

    Creative thinking

    Loans | 06 October 2012

    The European leveraged loan market has opened up to more aggressive and opportunistic deals in a push by banks and private-equity firms to make money amid the dearth of new buyouts this year.

  • Banks eye Gecina stake as owners file for bankruptcy

    Loans | 05 October 2012

    A battle over the shares of French property firm Gecina is about to begin, after 31% owners Alteco and Mag Import last week filed one of the biggest bankruptcy actions in Spanish history.

  • TNK-BP

    AAR faces debt hurdles for TNK-BP bid

    Top News | 28 September 2012

    The consortium of Russian billionaires putting together a US$20bn bid for a 50% stake in Anglo-Russian oil firm TNK-BP could face significant obstacles in its attempts to raise the debt required to back a deal.

  • Rescue remedy

    Loans | 22 September 2012

    European leveraged lending has slumped in 2012 as new buyouts remain in short supply and deleveraging banks have remained wary of capital-intensive lending. But growing interest in the asset class as a relatively safe investment in turbulent, low-yielding markets is prompting bankers to look at ways to revive activity by solving lingering structural problems. 

  • Mizuho expands as Nomura starts shrinking

    People & Markets | 21 September 2012

    Mizuho International, the London-based securities and investment banking arm of the Mizuho Financial Group, has appointed Michiel de Jong as its president and chief executive officer. It hopes that De Jong’s appointment, effective immediately, will facilitate the banks international expansion plans.

  • Prices rise as investors go on spending spree

    Loans | 14 September 2012

    Europe’s secondary loan market rose for the seventh consecutive week as cash-rich investors continued their search for paper amid a wider market rally on Friday following the US Federal Reserve’s announcement of its plan to pump US$40bn into the US economy each month.

  • Fresenius

    Fresenius failure frustrates lenders

    Loans | 08 September 2012

    Bankers were dealt a blow as the €4.8bn-equivalent loan backing German healthcare group Fresenius’ takeover of Rhoen-Klinikum was cancelled after the acquisition collapsed, adding further pressure to generate fees in a market where M&A remains scarce.

  • ECM unveils loan-bond fund

    People & Markets | 08 September 2012

    Wells Fargo’s European credit manager ECM Asset Management launched an up to €500m fund to invest in loans and bonds, helping fill the gap left from reduced bank lending and lack of new CLO funds in Europe.

  • The logo of Dutch telecoms group KPN is seen in Haarlem

    Private equity hits ‘Buy It Now’ button

    Loans | 01 September 2012

    Concern about failing LBO auctions in Europe is provoking private-equity firms to submit deliverable bids ahead of or before the end of formal M&A processes, in order to secure deals.

  • clean upRTRO9F6 Comp[1]

    Equity injection cleans up ISS balance sheet

    Top News | 25 August 2012

    The move by Danish cleaning services company ISS to cut its DKr30bn (US$4.9bn) debt by raising a €500m equity investment from two new investors shows a way for ex-buyout companies to deleverage and better manage refinancing risk and liquidity as private equity firms prepare to exit.

  • Market moves sideways in bank holiday week

    Loans | 25 August 2012

    Secondary loans were once again flat to a little higher in a mixed week in the markets as many London-based traders stayed away from their desks before the UK’s August bank holiday. Europe’s top 40 leveraged loans rose only a marginal 8bp to 96.638% of face value on Thursday from 96.558% a week earlier, according to Thomson Reuters LPC data.

  • Logo of Polish cable television operator Multimedia Polska SA.

    Eastern Europe brings hope for LBOs

    Loans | 17 August 2012

    While Western European leveraged deals are falling by the wayside, there is some hope that Eastern Europe will bring some deal flow amid more certainty of M&A execution in the region.

  • Logo of Schenck Process, a manufacturer of weighting, dosing and filtration equipment

    Double blow for LBO land

    Loans | 17 August 2012

    Auction processes for Schenck Process and BASE stalled last week after the companies’ owners deemed the bids too low, denting hopes of a pick-up in LBO activity for the remainder of the year.

  • Olympic hangover leaves market flat

    Loans | 17 August 2012

    Europe’s secondary loan market was flat last week, with little activity as the August holiday lull bore the additional burden of “post-Olympic depression”, traders said. Europe’s top 40 leveraged loans rose a mere 2bp to 96.55% of face value on Thursday from 96.53% on August 10, according to Thomson Reuters data.

  • Germany: Siemens steps up lending

    Loans | 17 August 2012

    Corporates such as Germany’s Siemens are expanding their activities in syndicated lending, helping to diversify sources of funding in the market and fill the gap left by European commercial banks’ reduced appetite.

  • Direct Line

    Direct Line buyout under threat

    Top News | 10 August 2012

    A potential multi-billion-pound buyout of UK insurance group Direct Line faces concerns about a shortage of debt market liquidity and the difficulties presented by the insurance sector, lenders have warned.

  • Western Europe leveraged volume

    Bleak picture

    Loans | 28 July 2012

    Lenders are casting doubt over the ability of the European leveraged loan market to make a strong comeback once the summer lull ends, having already seen several delayed and failed auctions and a resurgent high-yield bond market that is likely to continue to snap up market share.

  • Tikehau

    A new model

    Loans | 21 July 2012

    A new alternative lending model has been created for small- and medium-sized corporates in Europe, with banks and fund managers joining forces to tap into each others’ resources, helping fill a gap created by the retrenchment of banks keen to preserve capital and shrink their balance sheets.

  • PagesJaunes

    PagesJaunes A&E faces new resistance

    Top News | 20 July 2012

    French directories business PagesJaunes’ request to amend and extend €1.8bn of leveraged loans met with more opposition last week as investors said the company was trying to force lenders to agree to the debt extension.

  • Matthew Craston

    Insurance money to flow into market

    Loans | 29 June 2012

    Insurance companies are switching investments into loan funds as they re-evaluate the impact of EU regulations on capital requirements in a move that looks set to provide the loan market with much needed liquidity.

  • Boots London

    Boots buy prompts repayment headache

    Top News | 23 June 2012

    KKR was a big winner last week when it sold a 45% stake in UK pharma chain Alliance Boots to US pharmacy operation Walgreens. But while the private equity firm was congratulating itself for making an impressive profit on its 2007 purchase of Boots through Europe’s biggest-ever leveraged buyout, lenders were facing the

  • Margins flat ahead of Basel III

    Loans | 23 June 2012

    Bankers are still not sufficiently adjusting interest margins on European investment grade loans on the back of new regulations such as Basel III, with pricing expected to stay broadly flat for the next three years, speakers at a recent Loan Market Association seminar in Frankfurt said.

  • BSN Medical

    Mezzanine loans revived as bonds wilt

    Top News | 15 June 2012

    Challenging high-yield bond markets are prompting European LBO borrowers to return to mezzanine loans, attracted by cheaper pricing and greater stability.

  • Fresenius

    Fresenius gives respite to gloomy loan market

    Top News | 02 June 2012

    Germany’s Fresenius has launched syndication of the largest Western European leveraged corporate loan since 2008. The €4.8bn-equivalent acquisition loan, which is denominated in dollars and euros, backs the acquisition and refinancing of listed hospital operator Rhoen-Klinikum, the management of which has endorsed the takeover.

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