"In the middle of difficulty lies opportunity"
Albert Einstein (1879 - 1955)

Structured Finance Weekly Wrap: Silver Arrow...

PRIMARY: A new auto ABS was announced, from the Silver Arrow Shelf, while details of a rare Greek CMBS - Pangaea Funding 1 - emerged. The CLO market remains busy with a handful of deals at different stages of marketing. ABS Mercedes-Benz Bank AG's latest German auto ABS, Silver Arrow 5, will start roadshowing on Monday (1 September) via joint...Read more

Special Situations Weekly Wrap: Royal Imtech...

Royal Imtech announced a debt reduction and series of amendments financed by the sale of its ICT division to Vinci for an EV of EUR 255m and a fully underwritten rights issue of EUR 600m. Imtech has agreed a step down on pricing for its debt facilities and a covenant holiday up to and including Q1 2016. The group’s EUR 843m committed...Read more

High Yield Weekly Wrap: post-summer deal rush...

PRIMARY: The high yield pipeline includes names such as Greek telco Wind Hellas, which sounded out investors last month for a potential EUR 175m five-year deal with targeted pricing between 9% and 10%; buyout financing for a potential sale of Investindustrial-owned Italian gaming company Cogetech and refinancing activity from Polish telecoms...Read more

Leveraged Loans Weekly Wrap: Corialis...

PRIMARY: Aluminium products manufacturer Corialis is sounding out investors over a EUR 483m covenant-lite financing package to back Advent International’s proposed buyout. The deal could launch early next month. The terms are subject to change, but the initial package includes a EUR 318m TLB, which will include a sterling-denominated...Read more

Codere still tight-lipped over prospects for...

Codere management remained tight-lipped about the progress of its restructuring talks during the Spanish gaming group’s Q2 2014 results call. CFO Angel Corzo said: “We are undergoing a constructive process and significant progress has been made,” but added: “There’s no guarantee we will be able to reach a consensual...Read more

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