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

Structured Finance Weekly Wrap: GMEF No.2...

PRIMARY: The official pipeline has shrunk and now only three transactions look likely to price this month: GMEF No.2, Avoca CLO XII and Toro European CLO 1. Barclays sold STG 750m of credit card ABS this week, while Alba Leasing sold EUR 45m through a reverse enquiry. Following MODA 2014’s pricing on Monday the official CMBS pipeline is now...Read more

Leveraged Loans Weekly Wrap: Details of EUR...

PRIMARY: Further details emerged on the EUR 2.15bn all-senior financing backing CVC Capital Partners' merger of Spanish hospital operators IDCsalud and Quiron. The financing comprises a EUR 150m RCF and EUR 150m TLA, both six years and paying E+375bps, a EUR 300m 6.5-year TLB1 paying E+425bps, a EUR 1.2bn seven-year TLB2 paying E+450bps and a EUR...Read more

High Yield Weekly Wrap: primary issuance...

PRIMARY: Automotive components manufacturer Adler HP Pelzer Group launched a EUR 230m seven-year NC3 senior secured note. Roadshows for the notes – which are expected to be rated mid-high Single B - take place until 21 July, pricing thereafter. JPM (B&D) and UniCredit are bookrunners. BManagement and Italy's Adler Group took over HP...Read more

Special Situations Weekly Wrap: Distressed...

Distressed debt specialists are working through the complex maze that is the Espirito Santo Group (ESG) as the debt continues to trade lower, dragged down by the discovery of financial irregularities. In particular, concerns have been raised over the health of Espirito Santo International (ESI), Rioforte, Espirito Santo Financial Group (ESFG), and...Read more

Cemex mulls strategies to cut financial costs...

Cemex is continuing to listen to ideas on how it can lower financial costs and increase its manoeuvrability even after tapping the market with a dual tranche USD 1bn 6.00% 2024/ EUR 400m 5.25% 2021 senior secured note issue in April, management said during today's Q2/H1 2014 results call. "We have been opportunistic... and will continue to be...Read more

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