European Bond Research as of September 6th, 2017

Posted by Sean Riddell on Sep 6, 2017 12:55:15 PM
RISK-OFF SENTIMENT NOTCHED LOWER  among investors in European corporate debt. Relative to yesterday's levels of risk aversion, trades in corporate bonds reflected a   very slight favor for junk bonds in price gains linked to actual trades. Nonetheless   geopolitical overhang amid N. Korean nuclear warhead posturing  kept a lid on gains in risk assets. So too did   pressure on the European insurance sector ahead of projected damage by intense hurricane   Irma, headed for Puerto Rico and Florida. The   Stoxx 600 index vacillated in the shallow red  amid data showing a dip in Germany's manufactured-goods orders, although shares of   Deutsche Bank AG  and  Micro Focus International PLC  posted notable gains.
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Topics: bonds, CDS, New Issues

Hub Holdings, LLC Announces $375 Million Senior Secured Term Loan

Posted by Nick Buenaventura on Mar 8, 2017 2:32:02 PM

Hub holdings, LLC announced that it will increase its senior secured term loan by $375 million to refinance current oustanding debt. The proceeds will be mainly used to make payments on $300 million of second-lien secured notes and around $60 million of revolving credit. Following the announcement, Moody's announced that it would affirm the B3 corporate family rating and change the outlook on the debt from negative to stable. This outlook is based on the company's EBITDA growth and the feeling that they will be able to continue to reduce their leverage in 2017.

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Topics: Loans, New Issues, Second Lien

Level 3 Financing announces $4.61 billion Senior Secured Credit Agreement

Posted by Nick Buenaventura on Mar 1, 2017 12:55:32 PM

Level 3 Financing, Inc. , a wholly owned subsidiary of Level 3 Communications, Inc. (NYSE: LVLT), announced last week that it successfully refinanced its outstanding Term Loans through the issuance of a new TLB L+225/2024. The company anticipates approximately $35 million of cash interest expense savings on an annualized basis through this $4.61 billion senior secured agreement. At the day of issuance, ADI loan pricing services quoted an end of day bid for the loan at 99 3/4. Since then, the loan has traded up to a bid of 100 5/8 in the week and half since its first quote.

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Topics: Loans, New Issues, First Lien

Apollo Investment Corp. New investments 4Q16

Posted by Alex Buzby on Feb 7, 2017 5:52:36 PM

Apollo Investment Corp. (AINV) filed 4Q16 results yesterday including debt investments at 13 new portfolio companies. Click here to dive into  Apollo New Investments courtesy of our BDC Database.

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Topics: BDC, New Issues, business development company

Bond New Issues: Week Ending January 27, 2017

Posted by Michael Manna on Jan 30, 2017 2:52:09 PM

North American Investment Grade debt was more than triple the amount of that issued in high yield this week, with investment grade debt totaling $24.85 billion and high yield debt totaling $8.26 billion. JPMorgan Chase & Co. (NYSE: JPM) and The Goldman Sachs Group Inc (NYSE: GS) led investment grade deals with JPMorgan having one issue of senior unsecured notes totalling $2.75 billion and Goldman Sachs with three new issues of senior unsecured notes totalling $5.0 billion. This represented 31.2% of total investment grade debt issued this week. Other stocks in the financial sector also had a big week as Capital One Financial Corporation (NYSE: COF) had two new issues of senior unsecured notes totaling $2.0 billion, BB&T Corporation (NYSE: BBT) with three new issues of senior unsecured notes totaling $2.6 billion, Royal Bank of Canada (NYSE: RY) with two new issues of senior unsecured notes totaling $1.75 billion, and SunTrust Banks Inc (NYSE: STI) with two new issues of senior unsecured notes totalling $1.3 billion. International Business Machines Corporation (NYSE: IBM) also had a busy week with four new issues of senior unsecured notes totalling $2.75 billion.

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Topics: New Issues, High Yield, Investment Grade

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