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Articles by Michal Skypal
LevFin Wrap - Chemical reaction positive, dollars takes the lead
The primary leveraged finance market remains buoyant. Deals are tightening during syndication, and selected new money deals are being syndicated as well as more amend-and-extend transactions. Sadly for the large number of euro CLO managers trying to ramp transactions, the new money supply from cross-border issuers is tilted towards dollars. ”I think is cheaper for these issuers, especially on swap currency basis to do the deal on a dollar base,” said a sellside banker.
LevFin Wrap - Divi season in the air as loan primary heats up, BWICs flood secondary
The European leveraged finance market split on diverging paths following the half term break. Loans primary is on a steady A&E streak backed by a strong CLO technical bid while the secondary market has been flooded with rush of BWIC activity. On the other side, the high yield market is taking a breather, with no new deals marketed this week.
LevFin Wrap - Morrisons reduced sale, Aggreko’s sparks fly
The half term break and the go-stale date for bonds brought a short breather to leveraged finance markets as no new public deals joined the pipeline this week — though there are whispers of some private transactions to come in the near future. The market pause is a convenient time to step back and see where syndication stands at the half time point of Q1.
LevFin Wrap - Chemical stimulation, following fashion?
Risk is still on in the European Levfin market, with Crossover still under 400 bps, signalling that the rally so far this year is becoming entrenched. Activity remains behind the strong start to 2022, though, and it remains a buyer’s market, with successful resistance from investors on some documentation features.
888 looks dicey; but Consolis builds back better - LevFin Wrap
The tightening trend for leveraged debt markets seen since the start of 2023, has accelerated in the first week of February. After starting the year at around 470 bps, on Thursday the Traxx Crossover surged through the 400 bps barrier to around 380 bps at time of going to press. Central banks are taming their hike rate lust, thanks to better than expected Q4 economic and more benign inflation data. This has spurred the market into thinking that any recession, if at all, won’t be as bad as expected.
LevFin Wrap - Awaiting the reopening; Secondary starts strong
New Year’s hangovers may have been shaken off, but reopening trades in the European high-yield credit market are yet to emerge — likely holding fire due to the short working week and some European countries still being on holiday (Greek, Syrian and Orthodox Christians have Christmas on 6 or 7 January — Merry Christmas to any readers celebrating today!).
Keter downgraded to triple-C as A&E fails on CLOs blocker
Moody’s has cut debt BC Partner-owned Israeli plastic furniture maker Keter to triple-C territory, reflecting the elevated risk to the refinancing of its €1.205bn TLB due October 2023. Keter came out to lenders in early September seeking an amend and extend (A&E) of its €1.205bn October 2023 TLB, but wasn’t able to find the 80% majority required to push it through in its original form, according to one buysider.
GenesisCare shareholders waive prepayment of bridge loans, extend maturities to Nov 23 as EBITDA slims to $36m
Market Wrap Laura Thompson +Bill Weisbrod + 2 more 1 November 2022 Shareholders in troubled cancer treatment chain GenesisCare have waived early repayments of their bridging loans from the group’s sale of Australian cardiology business CardioCo, according to a lender and a source close to the creditors. Maturities on the facilities were also extended from July 2023 to November 2023, with a further six month extension possible at the discretion of KKR and China Resources Group (CRG), they added.
LevFin Wrap - Primary shutdown sees the art of the deal fall into focus
Such is the state of the debt market that, anecdotally at least, LevFin bankers – not normally prone to losing sleep over the fate of a rival firm’s deal – were enthusiastically rooting for the successful syndication of House of HR’s LBO debt package. While that deal eventually priced, a planned €425m bond component was ultimately dropped. With market conditions at a low point, prospective issuers now appear to be exploring any options available to sidestep bringing new deals to the market.
Matalan expecting up to 10 bids on Friday including “racy” proposal from 2L
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