10 Updates

Priced To Perfection? Ziggo, Dunkin' Brands Leveraged Loans Cool In Trading Mart

Feb 7 2014, 5:13pm CST | by

Shortly after BB-/Ba3 Ziggo‘s $2.35 billion term loan strip broke for trading late this morning, bids for the loan (L+275, 0.75% LIBOR floor) dipped below its 99.75 issue price. After opening into a...

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23 weeks ago

Priced To Perfection? Ziggo, Dunkin' Brands Leveraged Loans Cool In Trading Mart

Feb 7 2014, 5:13pm CST | by

Shortly after BB-/Ba3 Ziggo‘s $2.35 billion term loan strip broke for trading late this morning, bids for the loan (L+275, 0.75% LIBOR floor) dipped below its 99.75 issue price. After opening into a 99.75/100 market, the paper cooled to a 99.375/99.75 context and was said to have traded below its OID.

Ziggo’s lackluster aftermarket performance isn’t specific to the credit itself – though the company is making its debut in the U.S. institutional loan market, the Dutch cable concern has long been a well-regarded issuer in Europe , and Liberty Global is a well-known entity in the U.S. – but instead comes amid a building resistance to aggressively priced deals following the recent pullback in the secondary.

In addition to its low coupon and nearly eight-year tenor, Ziggo’s loan doesn’t fund immediately. A ticking fee of 50% of the drawn spread kicks in after 31 days, rising to the full margin after 106 days. The $2.35 billion loan is split among three tranches that trade as a strip – an $869 million B-1 term loan, a $560 million B-2 term loan and a $921 million B-3 term loan – that have identical terms but will fund at different times.

Ziggo isn’t the only recent new issue bid below its issue price. B+/B2 Dunkin’ Brands’ $1.379 billion B-4 term loan due 2021 (L+250, 0.75% floor), has cooled to 99.5/99.75, versus issuance at 99.75 on Friday, while BB+/Ba1 TCW Group’s repriced term loan due 2020 (L+225, 0.75% floor) has slid to 99.75/100.25, from issuance at par last week.

With secondary prices off the year’s highs and the recent volatility slowly beginning to creep into the new-issue market, repricing activity has slowed in recent days and it isn’t smooth sailing for every deal already out there. As reported, B/B2 ADS Waste yesterday lifted the spread on its proposed repricing of its term loan by 25 bps, to L+300, while B+/B2 Ineos’ proposed repricing of its term loan due 2018 – which is talked at L+250-275, with a 0.75% floor and a par offer price – is said to be facing some pushback from lenders.

This is not to say that the repricing train has stalled out, or that the market won’t see another reverse-flex. Rather it appears, at least for the time being, that there isn’t much room left to tighten after yields snapped tighter last month courtesy of lopsided technicals. Indeed, for the first time this year, the average single-B new-issue yield rose this week to 4.76%, from 4.61% the previous week. – Kerry Kantin

Source: Forbes Business

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was told t ...
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Update
9

6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

Melbourne Rising Media Launch
KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was bro ...
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Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

Federal Aviation Administration Bans All US Flights To Israel
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was reje ...
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Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Min ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last mont ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Ministe ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 million ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Scheme ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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