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

Structured Finance Weekly Wrap: Brass No. 4...

PRIMARY:  Activity decreased significantly this week, compared to the week before. Despite particularly difficult market conditions, Brass No. 4 and A-BEST 10 both managed to print their senior bonds at +55bps.  RMBS  The STG 1bn Class A notes of UK RMBS deal Brass No.4  priced this morning at 1mL+55bps, in line with...Read more

Special Situations Weekly Wrap: Takko in...

German clothes retailer Takko is coming under increasing scrutiny amid its uninspiring earnings trend, concerns over the group’s turnaround strategy and deleveraging prospects. “Performance has been largely uninspiring, with EBITDA struggling to even get to the levels when they brought last year’s bond issue,” said one...Read more

High Yield Weekly Wrap: secondary market...

Resurgent fears about deflation in the eurozone and fragile investor confidence all round kept the primary market on ice this week. The concerns resulted in a 20-30bp rise in government yields and an aggressive sell-off among Italian and Spanish high yield names; some of the biggest movers included Spanish construction group Isolux, which was down...Read more

Leveraged Loans Weekly Wrap: RAC and AMCo out...

Despite volatile high yield, equity and treasury markets, the loans market soldiered on with a number of dividend recaps launched including a STG 1.25bn deal from RAC, a STG 985m equivalent all-senior package for AMCo and a EUR 300m dividend recap from HSE24.  The secondary market however was not totally immune with some softness...Read more

Corialis EUR 483m loan package wraps up,...

Corialis’ (previously Aliplast) EUR 483m financing package has wrapped ahead of allocation next week. The EUR 318m seven-year TLB priced at E+500bps/ 96.5 OID and the EUR 105m eight-year second lien at E+800bps/ 95.5 with a 1% floor, in line with the revised price talk. The first lien loan yields 6.2% and the second lien 10.5%. A EUR...Read more

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