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

Structured Finance Daily Wrap: DECO HARP subs...

PRIMARY: CMBS All tranches of the EUR 175m DECO 2015-HARP CMBS were covered at initial price thoughts, according to an update sent out today. The EUR 90m Aa2/AA rated Class A tranche was c.1.9x covered; the notes are talked in the +120bps area; they have a WAL of 3.8 years - the debt yield is 18% and the LTV is 32.3%. The EUR 55m of Aa3/AA-...Read more

Takko focuses on margins as challenging...

Takko today said challenging market conditions have continued into Q4 of its 2014/2015 financial year, and that February trading saw a double digit decline for like-for-like sales. However, management has guided that gross margin will show "strong outperformance" compared with last year as the focus remains on full-price sales. Markdowns have...Read more

DECO 2015-HARP covered at IPTs; subs heavily...

All tranches of the EUR 175m DECO 2015-HARP CMBS were covered at initial price thoughts, according to an update sent out today. The EUR 90m Aa2/AA rated Class A tranche was c.1.9x covered; the notes are talked in the +120bps area; they have a WAL of 3.8 years - the debt yield is 18% and the LTV is 32.3%. The EUR 55m of Aa3/AA- rated Class B...Read more

GLG EURO CLO I...

GLG EURO CLO I, a EUR 309.2m European CLO managed by GLG Partners LP and arranged by Morgan Stanley, has priced. The EUR 181m Triple A rated Class A-1 FRNs priced at a cash price of 99.74 and pay a coupon of 3mE+135bps. The discount margin is 3mE+140bps, in line with guidance and at the wide end of the 135bps-140bps area IPTs. The EUR 5.0m...Read more

Books for Esterline EUR 330m senior note to...

Esterline has accelerated pricing on its EUR 330m eight-year NC3 senior note to today. Books will now close at 16.00 UK time. As reported, earlier today price talk was released at 3.75% area with books due to close at 17.00 UK time and pricing tomorrow. Issued out of TA Mfg Limited (UK), proceeds will be used to repay USD 191.5m of borrowings...Read more

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