Download - Leveraged Finance 2012 Outlook
LEVERAGED FINANCE
2012 Review2013 outlook
January 2013
high-yield bond outlookAnalysts and inves-tors make their fore-casts for this year. Page 3.
leveraged loan outlookInvestor calls for this year’s loan and CLO markets, including detailed predictions from the sell side. Page 4.
biggest junk bonds of 2012The largest transac-tions of the year. Page 6.
best/worst CdsThe biggest improve-ments and declines
in U.S. credit qual-ity, as measured by CDS. Page 10.
total returns by seCtor The best and worst performing industries and rating segments in 2012, compared with the previous three years. Page 11.
european high yieldTriple C rated is-suance dominates 2012 volume. Page 12.
u.s. leveraged loansTop 20 leveraged deals; biggest divi-dend, cov-lite trans-
actions. Issuance by sector. Page 14-15.
interaCtive loan maturity CalendarSort upcoming loan maturities by indus-try sector. Page 16.
u.s. loan priCe trendsAverage margins, Li-bor floors, discounts. Page 17.
european loans Average margins, discounts. Page 18-19.
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CoNtENts 2012 IN REVIEW
MoNtH EVENt
JAN
CvC Capital Partners agreed to buy Resource America’s leveraged-loan investments unit in a move to expand in the u.S.
CDS prices indicate 91 percent chance of tXu default in the next three years.
FEB
JPMorgan raises its estimate for 2012 junk bond returns to 13.7 percent from 9.4 percent. BAMl expects returns of 12.3 percent, Barclays holds with 5-7 percent, saying Greece is still grappling with fiscal challenges.
Avoca Capital Holdings, a credit manager overseeing 6 billion euros, can-celed a plan to list a senior loan fund on the london Stock exchange.
MAR
Apollo and a consortium buy el Paso’s e&P operation for $7.15 billion, the largest lBo of 2012.
european high-yield companies tap the u.S. bond market at a record pace as investors funnel unprecedented amounts of cash into dollar-denominated junk-debt funds and the sovereign crisis restricts bank lending in the region.
APR
t Rowe Price closes two junk-bond funds amid a surge in demand for higher-yielding debt.
lower-rated companies, including airline lessors, start issuing bonds to meet heightened investor demand
MAY
Moody’s raises Ford to Baa3 from Ba2, following Fitch’s upgrade from junk status in April. Ford regains control of its logo and other assets pledged as collateral to obtain a $23.4 billion loan to keep the business going in 2006.
3i Debt Management acquires about 2 billion euros of Clos from invesco as it seeks to expand in europe and the u.S.
JUN
Atlantic Broadband secures the year’s first dividend pre-cap financing.
American Casino & entertainment Properties postpones a $310 million bond due to market conditions. engility pulls its $250 million senior notes offer, wideopenwest Finance delays a $1 billion bond to make covenant changes.
JUL
thomas H. lee Partners’s credit unit acquires a $2.5 billion debt manager from McDonnell investment, joining private-equity firms expanding lever-aged loan holdings.
Alpha Natural Resources begins negotiations with debt-holders to gain relief on covenants as coal prices slump.
AUG
Goldentree Asset Management raises a Clo of about $590 million that allows for as much as a 40 percent investment in second-lien loans and high-yield bonds.
High-yield bond funds in the u.S. attracted $597 million from european inves-tors in the week to Aug. 22, the most since February.
sEP
u.S. high-yield bond market sees biggest ever monthly issuance volume. Reynolds is the single biggest deal, at $3.25 billion in size.
u.S. state and county pension funds expand their search for yield beyond junk bonds into the less liquid middle market loans.
oCt
Covenant-lite leveraged loan issuance as a percent of the total market surges to a record high, at 25 percent of outstanding loans, JPMorgan data show.
Caesars entertainment, the casino operator saddled with $22.7 billion of debt, will need to restructure its borrowings, according to CreditSights.
NoV
the default rate on leveraged loans is forecast to rise as soon as 2013 as companies take on more bank debt, according to Morgan Joseph triArtisan.
investors place record volume of bearish bets on junk bonds by shorting State Street’s exchange-traded fund that owns the notes as the debt lost value for the first month since May.
DEC
Daily corporate bond trading volume hits 0.29 percent of face value, the low-est by proportion of outstanding debt since 2005.
leveraged loan volume exceeded $315 billion, more than 2011 levels and the most since $388.3 billion was issued in 2007.
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 2
HIGH-YIELD BoND oUtLook
what is the outlook for high-yield bond returns and issuance this year?
Loosening standards, Falling Returns: Watch out for Blowups in 2013
gershon distenfeldalliancebernsteinsenior vice president
“The quality of the issuance is starting to deteriorate and this has the potential to accelerate in 2013. I don’t think that many investors are paying enough attention to covenants and other deal structure characteristics such as call protection. When you have a market that’s starving for paper, investors tend to loosen their standards, especially in a market where it seems as though every deal is five times oversubscribed. This is not the type of environment where you want to stretch for extra return because you’re not compensated for the inherent risk. We’re underweight triple Cs and staying that way. We don’t see a lot of value there.
There is still a decent amount of debt that is becoming callable for the first time in 2013, so we will still see some volume but it will likely be off from the torrid pace of the past few years.”
marty fridsonfridsonvisionCeo“The consensus forecast is return close to the coupon level, which in practice has rarely happened. The histori-cal record indicates that there has been a 91 percent probability that the return will be outside the range of the coupon, plus or minus 200 basis points. It looks very unlikely to be on the upside.
I think we’re looking at a sub-average year, possibly going into negative territory, with the Treasury outlook be-ing a factor. High yield has tended to return worse than Treasuries when it’s as over-valued as it is. We’ve been through five months that the spread has been tighter than fair value, and it seems unlikely that we go through another 12 months.”
sabur moinipayden & rygelportfolio manager
“I don’t see yields going much lower. With the yield close to 6 percent, high yield isn’t probably going to do a lot better than that. It’s tough to say we’re bullish on high yield right now because it’s had such a good run over the last three or four years. [2013] will be more of a credit picker’s market. [This] year is going to be a market where there are a few blowups. Right now, you’re not getting paid to go into CCCs or CCs. I’d rather own a single B at 6 percent than a CCC at 7.5 percent. BBs are pretty tight. CCCs you can get more yield, but again there is a lot more default risk and volatility.
I think you can still have a good year, it’s just not going to be a 13, 14, 15 percent type year. To say this market will generate a flat return next year, it seems a little implausible. Could it be below 7 percent? Sure.”
michael henry andersonCitiCredit strategist
“You basically have had this big rally in middle-of-the-road assets, whether it’s investment grade, double Bs, single Bs. Yields are just so low that those assets are going to get hit pretty hard if we get volatility or a move in one direction. As long as the Fed is successful in keeping rates low and growth is moderate, those assets will do OK but volatility is a big risk. One source we might get some net supply from is fallen angels. There are some large fallen angels out there that investors might find in their benchmarks next year.
There’s a lot of interest in the loan market, given the fact that yields on high yield are at all-time lows. At some point loans are going to outperform. We just don’t think it’s going to happen in 2013. With 80 percent of the loans above 99, you’re not going to get that multi-point pop in a whole lot of loans.”
After last year’s record junk bond issuance volume and robust returns in both the U.S. and Europe, investors and strategists are cautious about the 2013 outlook for high yield. Lower-rated credit is most at risk and the asset class may be poised for its first loss since 2008.
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 3
LEVERAGED LoAN oUtLook
what is the forecast for returns and issuance of loans and Clos in 2013?
Loans May outperform, Investors say; CLo Issuance Forecast to Rise Again
erik falkkkrCo-head of leveraged finance
“If five-year Treasuries back up 100 basis points, then loans have a very good chance of outperforming bonds. The Fed doesn’t have to move short-term rates for the market to believe longer-term inflation will come out.
The space whch I believe will have a decent amount of activity is the middle market. A lot of those companies have not gone through the extension process of their current debt. The difference is that you put it in the tens of billions, not the hundreds of billions.”
beth macleanpimcoportfolio manager
“If absolute spreads get too tight I think you’ll start seeing waning investor interest. Definitely the CLO arb gets really difficult if spreads get much tighter than we’ve seen in the last couple weeks. I hope it puts a floor on how much we can see in terms of refinancing and spread tightening. On a relative basis we still think loans are going to be a pretty attractive option for people looking for yield in 2013.
I think it’s a matter of the PE guys finding the right opportunity and right now there just doesn’t seem to be a tremendous amount of M&A backlog in the pipeline unfortunately. But I think the market would embrace that.”
greg stoeckleinvescoportfolio manager
“2013 marks a year where a large component of the pre-crisis CLOs hit the end of their reinvestment periods. While you have new capacity being created through new CLOs, you’re going to have capacity taken out of the market as the legacy CLOs begin to go dormant. I think that’s a very interesting dynamic that will help shape the market in 2013.
The CLOs running off, shrinking in size will create capacity for new CLOs, but I think it also creates balance in the supply-demand dynamic of the market as well. I think $50 billion is eminently doable for next year.”
Leveraged loans may provide better returns next year than high-yield bonds, according to investors. The middle market is expected to see issuance activity, while CLO issuance is forecast to grow after a revival in 2012.
2013 sell side Analyst PredictionsBoNDs LoANs
IssUANCE REtURN DEFAULt RAtE sPREAD IssUANCE REtURN DEFAULt RAtE sPREAD CLosBAMl $275bn 7.20% 2.50% 475bp $350bn 6.30% 2.50% 490bpBarclays $275-300bn 4-6% 3.50% $225-250bn 3.5%-5.5% 2.5%-3.5% $60-75bnCiti $325-350bn 7% 2.50% 475bpCredit Suisse $330bn 7% 1%-2% $230bn 5.50% 1%-4%JPMorgan $275bn 7-8% 2.00% 560bp $300bn 5-6% 2.00% 475bp $65-70bnMorgan Stanley $283bn 3.10% 3.60% 577bp $299bn 5.00% $60bnRBS $315bn 9%Deutsche Bank $290bn 7-8% 3-3.5% 450bp $300bn 7-8% 425bpwells Fargo $350bn 6-7% 3.25% 500bpuBS $300bn 7.50% 1.5-3% 500bp
2012 $350bn 15.6% 3.2% 550bp $300bn 10.5% 1.30%
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 4
U.s. BoNDs
Yield to Worst Hits All-time Low; Bond Issuance Volume at Historic High
0
500
1000
1500
2000
2500
0.00
5.00
10.00
15.00
20.00
25.00
1/3/97 3/13/98 5/28/99 7/28/00 9/28/01 11/29/02 1/30/04 4/15/05 6/16/06 8/17/07 10/17/08 12/18/09 3/4/11 5/11/12
Spread To Worst Yield to Worst
Yiel
d To
Wor
st (%
)
Spre
ad T
o W
orst
(bps
)
Source: Bloomberg
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0
50000
100000
150000
200000
250000
300000
350000
High-Yield Bond Volume Sets New Record
2012 2011 2010
Source: Bloomberg
$354bn
$m
0
10
20
30
40
50
60
70
80
90
100
0
10
20
30
40
50
60
J-10 A-10 J-10 O-10 J-11 A-11 J-11 O-11 F-12 M-12 A-12 N-12
Tota
l Iss
uanc
e V
olum
e U
SD B
illio
ns
Month-to-Month Issuance
Total Volume # Deals Closed
Source: Bloomberg
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 5
U.s. BoNDs
ANNoUNCED DAtE IssUER AMoUNt IssUED
($BN) UNDERWRItERs CoUPoN tENoR UsE oF PRoCEEDs
9/14/12 ReYNolDS GRouP $3.250 CS 5.750% 8.16 Repay/Refinance Debt
11/8/12 SPRiNt NeXtel CoRP $2.280 BAMl/BARC/Citi/DB/GS/JPM 6.000% 10.15 Repay/Refinance Debt
11/27/12 RoYAl Bk SCotlND GRP PlC $2.250 Citi/MS/RBS 6.125% 10.18 lower tier-2 Capital
2/3/12 SAMSoN iNveStMeNt CoMPANY $2.250 BAMl/BARCS/BMo/Citi/CS/JeF/JPM/MiZuHo/RBC/wFC 9.750% 8.14 Bridge-loan Payment
4/10/12 eP eNeRGY/eP FiNANCe iNC $2.000 BMo/Citi/CS/DB/JPM/NoMuRA/RBC/uBS 9.375% 8.14 Acquisition Financing
3/26/12 lYoNDellBASell iND Nv $2.000 BAMl/BARCS/Citi/CS/DB/HSBC/iNG/JPM/MS/wFC 5.000% 7.12 Repay/Refinance Debt
10/19/12 CleAR CHANNel CoMMS $1.999 Citi/GS/MS 9.000% 7.24 Repay/Refinance Debt
11/6/12 CleAR CHANNel woRlDwiDe $1.989 Citi/CS/DB/GS/MS/wFC 6.500% 10.13 interCompany loan
2/29/12 CleAR CHANNel woRlDwiDe $1.925 Citi/CS/DB/GS/MS/RBS/wFC 7.625% 8.12 interCompany loan
2/28/12 liNN eNeRGY llC/FiN CoRP $1.800 BARC/CA/Citi/CS/RBC/RBS/wFC 6.250% 7.78 Acquisition Financing
9/20/12 vPi eSCRow CoRP $1.750 GS/JPM/RBC 6.375% 8.15 Acquisition Financing
7/31/12 Cit GRouP iNC $1.750 BAMl/DB/GS/JPM 4.250% 5.11 Repay/Refinance Debt
2/2/12 Cit GRouP iNC $1.750 BAMl/BARC/GS/JPM 5.500% 7.13 Repay/Refinance Debt
10/3/12 CRowN CAStle iNtl CoRP $1.650 BAMl/BARC/CA/Citi/DB/JPM/MS/MuFG/RBC/RBS/SuN/tD 5.250% 10.40 Project Finance
8/8/12 CHS/CoMMuNitY HeAltH SYS $1.600 BAMl/CAC/Citi/CS/GS/JPM/MS/RBC/SuN/wFC 5.125% 6.08 loan Payment
10/23/12 PlAiNS eXPloRAtioN $1.500 BARC/BMo/Citi/JPM/wFC 6.500% 8.17 Acquisition Financing
10/23/12 PlAiNS eXPloRAtioN $1.500 BARC/BMo/Citi/JPM/wFC 6.875% 10.46 Acquisition Financing
10/22/12 Citi $1.500 Citi variable N/A General Corporate
10/4/12 CeMeX FiNANCe llC $1.500 BARC/CA/HSBC/iNG/JPM/RBS 9.375% 10.14 Repay/Refinance Debt
5/15/12 iNMet MiNiNG CoRP $1.500 BAMl/Citi/CS/JPM/MS/RBC 8.750% 8.15 General Corporate
Source:Bloomberg LP
ANNoUNCED DAtE IssUER AMoUNt IssUED
($M) UNDERWRItERs CoUPoN tENoR UsE oF PRoCEEDs
10/19/12 CleAR CHANNel CoMMuNiCAtioNS $1,999 Citi/GS/MS 9.000% 7.24 Repay/Refinance Debt
2/9/12 ReYNolDS GRouP $1,250 CS 9.875% 7.61 Repay/Refinance Debt
10/11/12 MoMeNtive PeRFoRMANCe $1,100 BAMl/BMo/Citi/CS/DB/GS/JPM/MS/uBS 8.875% 8.09 Repay/Refinance Debt
10/9/12 HD SuPPlY $1,000 BAMl/BARC/CS/DB/GS/JPM/uBS/wFC 11.500% 7.86 Repay/Refinance Debt
1/25/12 PetRoBAkkeN eNeRGY $900 BAMl/CS/RBC 8.625% 8.12 Repay/Refinance Debt
1/10/12 level 3 FiNANCiNG $900 BAMl/Citi 8.625% 8.63 Repay/Refinance Debt
8/1/12 level 3 FiNANCiNG $775 BAMl/Citi/CS/DB/JPM/MS 7.000% 7.93 Repay/Refinance Debt
10/23/12 HAlCoN ReSouRCeS $750 BARCS/GS/JPM/wFC 8.875% 8.64 Acquisition Financing
6/29/12 HAlCoN ReSouRCeS $750 BARC/BMo/GS/JPM/RBC/wFC 9.750% 8.11 Merger Financing
9/7/12 HuB iNteRNAtioNAl $740 BAMl/MS/RBC 8.125% 6.16 Repay/Refinance Debt
7/12/12 wiDeoPeNweSt FiN $725 CS/MS/MuFG/RBC/SuN 10.250% 7.09 Acquisition Financing
4/3/12 CeNGAGe leARNiNG ACQuiSitioNS $725 DB/JPM/MS/RBC/uBS 11.500% 8.13 Repay/Refinance Debt
10/26/12 lAuReAte eDuCAtioN $700 BARC/Citi/JPM 9.250% 7.21 Repay/Refinance Debt
7/19/12 PARtY CitY HolDiNGS $700 BAMl/BARC/DB/GS/MS 8.875% 8.13 Acquisition Financing
4/5/12 HD SuPPlY $675 BAMl/BARC/CS/DB/GS/JPM/uBS/wFC 11.000% 8.13 Repay/Refinance Debt
9/19/12 SeRtA SiMMoNS HolDiNGS $650 BARC/DB/GS/MS/uBS 8.125% 8.12 lBo Funding
5/18/12 MolYCoRP $650 CS/MS 10.000% 8.14 Acquisition Financing
9/12/12 NuveeN iNveStMeNtS $645 BAMl/DB/MS/RBC/uBS/wFC 9.500% 8.19 Capital
9/19/12 iNtelSAt JACkSoN $640 BAMl/BARC/CS/DB/GS/JPM/MS 6.625% 10.35 Repay/Refinance Debt
1/3/12 StAtioN CASiNoS $625 DB/JPM 3.660% 6.55 Repay/Refinance Debt
Source: Bloomberg LP
the 20 biggest u.s. high-yield bond deals of 2012
the 20 biggest triple C rated deals of 2012
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 6
U.s. BoNDs
triple C, Dividend, PIk toggle Deals Make a Comeback
biggest deals to raise proceeds for dividend payments
biggest pik deals
$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000
2010
2011
2012
Triple C Issuance Spikes
Caa1
Caa2
Caa3
Source: Bloomberg millions
11,251
7,103
0
2000
4000
6000
8000
10000
12000
2007 2008 2009 2010 2011 2012
PIK Issuance at Highest Since 2007
PIK Toggle
All PIK
Source: Bloomberg
$m
DAtE IssUER AMoUNt IssUED ($M) UNDERWRItERs CoUPoN tENoR12/3/12 HCA HolDiNGS $1,000 BAMl/BARC/Citi/CS/DB/JPM/MS/SuN/wFC 6.250% 8.312/2/12 liMiteD BRANDS $1,000 BAMl/Citi/JPM 5.625% 10.17
10/10/12 tRANSDiGM $550 Citi/CS/MS/uBS 5.500% 8.1210/4/12 PetCo HolDiNGS $550 BAMl/CS/GS/JPM/MS/wFC 8.500% 5.0910/16/12 iMS HeAltH $500 BAMl/BARC/DB/GS/HSBC/JPM/wFC 6.000% 8.1412/6/12 New ACADeMY FiNANCe $500 BARC/CS/GS/JPM/kkR/MiZ/MS 8.000% 5.589/24/12 CDRt HolDiNG $450 BAMl/BARC/DB/MS 9.250% 5.0710/23/12 tRANSuNioN HolDiNG $400 DB/GS 8.125% 5.705/24/12 GloBAl BRASS AND CoPPeR $375 GS/MS 9.500% 7.1012/13/12 iGloo HolDiNG $350 GS/BARC/CS/uBS 8.250% 5.0010/9/12 Jo-ANN StoReS HlDS $325 BAMl/BARC/Citi/JPM 9.750% 7.1010/16/12 MiRRoR Pik $275 BARC/JPM 9.000% 4.0812/11/12 MiCHAel FooDS HolDiNG $275 GS/BAMl 8.500% 5.658/17/12 AMeRiCAN GilSoNite $260 BAMl/keYBCM 11.500% 5.0810/18/12 eNeRGY FutuRe $253 Citi/CS/GS/JPM/MS 6.875% 5.08
8/9/12 eNeRGY FutuRe $250 Citi/CS/GS/JPM/MS 6.875% 5.08
Source: Bloomberg LP
DAtE IssUER AMoUNt IssUED ($M) UNDERWRItERs CoUPoN tENoR UsE oF PRoCEEDs
10/12/12 AlPHABet HolDiNG $550 BAMl/BARCS/CS 7.750% 5.11 Repay/Refinance Debt10/4/12 PetCo HolDiNGS $550 BAMl/CS/GS/JPM/MS/wFC 8.500% 5.09 Dividend Payment - Shareholders12/6/12 New ACADeMY FiNANCe $500 BARC/CS/GS/JPM/kkR/MiZ/MS 8.000% 5.58 Dividend Payment - Shareholders
10/10/12 JAGuAR HolDiNG $525 CS/DB/GS/JPM/uBS 9.375% 5.07 Acquisition Financing9/24/12 CDRt HolDiNG $450 BAMl/BARC/DB/MS 9.250% 5.07 Dividend Payment - Shareholders
10/23/12 tRANSuNioN HolDiNG $400 DB/GS 8.125% 5.70 Acquisition Financing7/17/12 iNteRliNe BRANDS $365 BAMl/GS 10.000% 6.37 Pension Funding
12/13/12 iGloo HolDiNG $350 GS/BARC/CS/uBS 8.250% 5.00 Dividend Payment - Shareholders10/24/12 Boe MeRGeR $335 BAMl/DB/GS 9.500% 5.06 Repay/Refinance Debt10/9/12 Jo-ANN StoReS $325 BAMl/BARC/Citi/JPM 9.750% 7.10 Repay/Refinance Debt
10/16/12 MiRRoR Pik $275 BARC/JPM 9.000% 4.08 Repay/Refinance Debt12/11/12 MiCHAel FooDS $275 GS/BAMl 8.500% 5.65 Dividend Payment - Shareholders2/29/12 New eNteRPRiSe $265 BAMl 13.000% 6.09 loan Payment
12/12/12 tAMiNCo ACQuiSitioN $250 C/CS 9.125% 5.08 Dividend Payment - Shareholders
Source: Bloomberg LP
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 7
U.s. BoNDs
$37,380
$42,178
$57,568
$0 $100,000 $200,000 $300,000 $400,000
2010
2011
2012
Energy Sector Sees Biggest Year-on-Year Increase
Basic Materials
Communications
Consumer, Cyclical
Consumer, Non-cyclical
Diversified
Energy
Financial
Industrial
Technology
Utilities
Source: Bloomberg millions
Energy
$0
$10
$20
$30
$40
$50
$60
$70
2010 2011 2012
Billi
ons
Energy Sector Issuance by Use of Proceeds
Repay/Refinance
GCP/CAPEX
M&A
Source: Bloomberg LP
0
10
20
30
40
50
60
6.5
6.7
6.9
7.1
7.3
7.5
7.7
7.9
8.1
8.3
8.5
J-12 F-12 M-12 A-12 M-12 J-12 J-12 A-12 S-12 O-12 N-12 D-12
Average Junk Bond Coupon Rises, Tenor Falls
Amount issued (Right Axis, $bn)
Average Coupon (Left Axis)
Average Tenor (Left Axis)
%/Years
Source: Bloomberg
$0 $20,000 $40,000 $60,000 $80,000 $100,000
Ba1
Ba2
Ba3
B1
B2
B3
Caa1
Caa2
Caa3
B1 Rated Bonds Dominate Issuance by Rating
2012
2011
2010
Source: Bloomberg millions
jpmorgan tops 2012 u.s. junk bond underwriter rankingUNDERWRItER RANk MARkEt sHARE AMoUNt ($BN) WEIGHtED AV. FEEs (%) DEAL CoUNt
JPMorgan 1 11.5 40.3 1.5 326
BAMl 2 11 38.8 1.5 324
Credit Suisse 3 9.1 31.9 1.4 231
Deutsche Bank 4 8.8 31.0 1.3 236
Citi 5 8.8 31.0 1.3 245
Goldman Sachs 6 8.1 28.4 1.3 203Source: Bloomberg LP. leag44 <go>
Average tenor Falls, Coupon Rises; triple C Issuance Volume Jumps
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 8
U.s. BoNDs
0
2
4
6
8
10
12
14
16
High-Yield Bonds Leveraged Loans
Bond, Loan Returns Expected to Drop
2012 Actual
2013 Forecast
Average bond return forecast from Morgan Stanley, Citi, JPM, BAML, RBS, Credit Suisse, Deutsche, Wells Fargo, UBS. Loan forecasts from Morgan Stanley, Citi, JPM, BAML, Credit Suisse, Deutsche.
Source: Bloomberg LP
Total Return %
0
5
10
15
20
25
30
Euro High Yield Global High Yield
U.S. High Yield High Grade Govt Bonds MSCI World
Junk Beats High Grade, Government Bonds in 2012 Total Return %
Source: Bloomberg
-3000
-2000
-1000
0
1000
2000
3000
1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1
U.S. Bond Fund Flow Turns Negative at Year End
INFLOW
OUTFLOW
Source: EPFR Global
$m
-5
5
15
25
35
45
55
65
75
85
95
2009 2010 2011 2012
Triple C Credit Performs Best Since 2009
BBs
Bs
CCCs or Lower
High Yield Index
Total Return %
Source: Bloomberg LP
Cit group leads junk bond issuer ranking by proceeds in 2012IssUER RANk MARkEt sHARE(%) AMoUNt ($BN) WEIGHtED AV. FEEs (%) DEAL CoUNt
Cit Group 1 2.8 9.8 0.942 7
Clear Channel 2 2 6.9 - 5
Sprint Nextel 3 1.7 6.1 1.5 5
HCA Holdings 5 1.4 4.9 1.125 4
Reynolds 6 1.3 4.5 - 2
DiSH Network 7 1.3 4.4 - 4Source: Bloomberg LP leag44<go>
Junk Bond Returns Exceed High Grade, Driven by triple Cs; Fund Inflows Dwindle
WHERE ARE US INTEREST RATES HEADING?
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 9
U.s. BoNDs — CDs WAtCH BloomBerg Data
Centex, Nextel Credit Best in 2012; JC Penney, Radioshack Underperform, CDs show
The chart shows the largest percentage movers for the Jan. 1-Dec. 13 2012 period in single name five-year CDS for U.S.- based issuers rated BB+ through C by Fitch and priced by CMA Datavision. CDS prices are bid-ask midpoint of CMA end-of-day New York trading levels. When applicable, they are converted from points upfront.
— Lee Zeltser, Jeff Schiller, Bloomberg Data Analysts
worst performers
best performers
Source: Bloomberg LP WCDS <Go>
-80.00% -70.00% -60.00% -50.00% -40.00%
Centex Corp.
Nextel Comm. Inc.
Energy Future Holdings Corp.
Sprint Nextel Corp.
Ally Financial Inc.
Dole Food Co. Inc.
L-3 Comm Corp. (Sub.)
PulteGroup Inc.
Neiman Marcus Group Inc.
Beazer Homes USA Inc.
International Lease Finance Corp.
GenOn Energy Inc.
Standard Pacific Corp.
Community Health Systems Inc.
DDR Corp.
KB Home
USG Corp.
Avis Budget Group Inc.
Host Hotels & Resorts LP
Avis Budget Car Rental LLC/Finance Inc.
-50.00% 0.00% 50.00% 100.00% 150.00% 200.00% 250.00%
JC Penney Co. Inc. RadioShack Corp. Best Buy Co. Inc. Edison Mission Energy Albertsons Inc. Advanced Micro Devices Texas Competitive Elec. Hldgs Co. LLC Navistar Int'l. Corp. Windstream Corp. Chesapeake Energy Corp. Peabody Energy Corp. SUPERVALU Inc. Ltd Brands Inc. Toys R Us Inc. Health Net Inc. Rite Aid Corp. Goodyear Tire & Rubber Co. DPL Inc AES Corp. American Axle & Mnfg. Inc.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 10
U.s. BoNDs — totAL REtURNs BY sECtoR BloomBerg Data
Banks were the best performing sector in Bank of America Merrill Lynch’s U.S. high-yield index[1], with a 28 percent gain. This was fol-lowed by the insurance and real estate segments, with total returns of 25 percent and 24 percent, respectively. The worst returns were seen in environmental, metals/mining and food & drug retail junk bonds. Triple C rated bonds beat the index, with a 19.6 percent gain, while the other rating categories underperformed. The market overall had its best year since 2009, with a 15.35 percent return.
— Lee Zeltser, Jamie Dranoff, Bloomberg Data Analysts
bank of ameriCa merrill lynCh us high yield master ii index-seCtor returns DECEMBER 13, 2012
sECtoR BAMLtICkER
BAMLCREDIt RAtING YtW (%) oAs
totAL REtURN, % [2,3]
2012 [1] 2011 2010 2009
Gaming H0AG B3 7.77 712 15.86 3.67 20.60 59.11telecommunications H0tC B1 5.77 475 19.61 2.70 14.17 46.75entertainment H0et B3 5.19 474 13.73 6.27 12.46 55.81utilities H0el B1 8.47 761 11.46 6.89 4.20 28.16
Railroad H0RA CCC1 7.56 673 14.51 6.11 13.85 31.52
Real estate H0HB B1 4.70 397 23.86 -0.34 19.85 87.19Containers H0Ct B2 5.56 472 15.07 6.27 11.50 35.48
Financials H0Fi B1 5.09 441 17.12 3.31 26.35 118.85
Food & Drug Retail H0FR B3 7.20 631 7.40 14.53 6.23 57.81Food/Beverage/tobacco H0Fo B1 5.41 466 13.96 5.45 13.48 39.86Hotels H0AH BB2 3.57 266 11.70 7.22 12.44 42.08leisure H0le B1 4.77 415 13.67 9.13 19.04 63.73Restaurants H0Re B3 6.36 567 16.73 7.10 12.70 64.07Building Materials H0Bl B1 5.55 476 19.42 0.75 13.01 69.56Broadcasting H0BR B3 7.89 706 18.97 1.80 23.73 197.60
Cable tv H0Cv B1 4.64 376 11.41 10.09 11.36 30.72
Capital Goods H0CA B1 4.91 427 12.85 6.06 16.23 46.31Aerospace H0Ae B1 5.95 522 11.43 4.32 14.02 35.85Steel H0St BB2 6.43 522 13.16 2.40 14.76 74.27Consumer Products H0Co B2 5.98 510 13.06 4.06 13.05 59.09transportation H0SH B3 10.62 993 17.10 -5.99 19.58 70.69energy H0eN B1 5.75 481 11.50 8.51 12.95 51.14textiles/Apparel H0te B1 4.62 385 13.83 6.39 14.46 66.60Healthcare H0Hl B2 5.61 474 14.44 7.16 11.65 42.22Metals/Mining H0Me B1 6.93 613 6.82 3.70 15.75 52.37Airlines H0Ai B1 6.36 570 16.91 -2.37 21.03 70.52Services H0Se B2 6.26 550 14.80 5.70 12.81 76.04Automotive H0Au B1 5.77 500 16.50 7.05 17.82 63.85environmental H0ev B2 6.66 571 9.42 6.35 14.86 43.22Super Retail H0SR B1 6.08 521 12.93 4.76 12.41 77.39Paper H0PA BB3 5.90 484 16.52 -1.77 15.17 51.83Media H0DM B2 6.43 541 11.90 5.83 13.90 65.41Chemicals H0CH B1 6.19 520 15.54 4.11 17.33 62.82Publishing H0Pu B1 10.06 949 10.41 -6.02 15.37 80.39Banks H0BA BB3 5.59 467 28.13 -4.10 21.16 73.15technology H0tY B2 7.29 640 15.89 5.43 15.37 87.11insurance H0iN BB3 7.84 675 25.38 1.12 40.91 121.60
BBs H0A1 BB2 4.63 369 14.33 6.12 14.93 45.21Bs H0A2 B2 5.85 503 14.77 4.65 13.99 47.64CCCs H0A3 CCC2 10.52 973 19.58 -1.40 18.42 96.79uS High Yield Master ii H0A0 B1 6.13 527 15.35 4.38 15.19 57.51
source: Bank Of America Merrill Lynch Bond Indices
Notes:1) Year to Dec. 13.2) Monthly and YTD performance data is as of last fully completed monthly period. 3) Green/red color coding represents performance ranking of the top/bottom 3 sectors in the period.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 11
WEstERN EURoPEAN JUNk BoNDs
Average Coupon trends Higher; Volume Revives, Driven by CCC Rated Issuance
0
10
20
30
40
50
60
70
2007 2008 2009 2010 2011 2012
Eur
(Bln
)
Financial Issuance Volume Falls, Corporate Rises
CORPORATE
FINANCIAL
Source: Bloomberg
-
2
4
6
8
10
12
14
United Kingdom
Luxembourg Germany Spain Portugal Italy France
Eur
(Bln
)
Luxembourg Dominates Junk Volume by Country
2011 2012
Source: Bloomberg
0
5
10
15
20
25
30
35
40
45
50
0
1
2
3
4
5
6
7
8
9
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2008 2009 2010 2011 2012
Vol
ume,
Eur
Bn,
(bar
s)
Ave
rgae
Cou
pon,
% (l
ine)
Average High-Yield Bond Coupon Rises
Source: Bloomberg
0
2
4
6
8
10
12
14
2007 2008 2009 2010 2011 2012
Issuance Volume by Credit Rating
CCC+
B
B-
B+
BB
BB-
BB
BB+
C
CC
CCC-
CCC
Source: Bloomberg
Euro, Bn
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 12
U.s. LoANs
Volume Accelerates, Fueled by Refinancing; Returns Pick Up
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
1/11/11 4/11/11 7/11/11 10/11/11 1/11/12 4/11/12 7/11/12 10/11/12
Tota
l Ret
urn
Leveraged Loan Returns Rebounded in 2012
JPM Leveraged Loan Index S&P 500 Equity Index JPM HY Domestic Bond Index
Source: Bloomberg LSRC <GO>
$0
$100
$200
$300
$400
$500
$600
2009 2010 2011 2012
Institutional Issuance Tops 2011, Total Volume Lags
Pro-Rata
Institutional
Source: Bloomberg
bn
0
100
200
300
400
500
600
700
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
Q1-
07
Q2-
07
Q3-
07
Q4-
07
Q1-
08
Q2-
08
Q3-
08
Q4-
08
Q1-
09
Q2-
09
Q3-
09
Q4-
09
Q1-
10
Q2-
10
Q3-
10
Q4-
10
Q1-
11
Q2-
11
Q3-
11
Q4-
11
Q1-
12
Q2-
12
Q3-
12
Q4-
12
Ave
rage
1L
Spre
ad a
t Clo
se (b
ps)
Issu
ance
USD
(Bill
ions
)
Refinancing Deals Dominate Leveraged Loan Issuance
NR CCC B BB Loans Used to Refi Debt Average Spread at Close (bps)
Source: Bloomberg LSRC <GO>
0
100
200
300
400
500
600
BBB- BB BB+ BB- B+ B
Spre
ad in
Bas
is P
oint
s
Rating at Close
Margin Per Turn of Leverage at Close First Lien Loans: Jan 2011 - Dec 2012
Average Spread at Close Min bps per Turn
Average bps per Turn Max bps per Turn
Source: Bloomberg LSRC <GO>
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 13
U.s. LoANs
BoRRoWER tRANCHE sIzE ($BN) tENoR CURRENt MARGIN UsE oF PRoCEEDs sECtoRFord Motor 9.0 3.71 225 Refinance Debt Consumer Discretionary
Clear Channel Comms 7.7 3.26 365 Refinance Debt Communications
kinder Morgan 6.8 1.29 300 Acquisition energy
Sealed Air 6.4 3.88 250 working Capital Materials
ARAMARk 5.2 4.41 337.5 Refinance Debt Consumer Staples
kinder Morgan 5.0 3.29 350 Acquisition energy
Sabine Pass liquefaction 3.6 7.00 350 Development/Construction energy
Chesapeake energy 3.0 5.56 700 Refinance Debt energy
Plains exploration 3.0 5.00 300 Acquisition energy
infor/lawson Software 2.8 5.52 400 Refinance Debt technology
infor/lawson Software 2.8 6.00 500 Merger technology
international lease Finance Corp 2.3 3.00 325 Refinance Debt Financials
Reynolds Group Holdings 2.2 6.00 375 Refinance Debt Consumer Staples
Cequel Communications 2.2 7.00 300 Dividend Payment Communications
First Data Corp 2.2 5.03 500 Refinance Debt technology
Fidelity National information Services 2.1 5.00 200 Refinance Debt technology
eP energy 2.0 5.00 175 lBo energy
HCA 2.0 4.07 150 Refinance Debt Health Care
energy transfer equity 2.0 5.01 300 Acquisition energy
ineos uS Finance 2.0 6.00 525 Refinance Debt Materials
Source: Bloomberg LP
BoRRoWER tRANCHE sIzE ($M) tENoR MARGIN LIBoR FLooR sPoNsoR
Cequel Communications 2,200 7.00 300 100 Goldman Sachs/Quadrangle/oaktree
BJ's wholesale Club 1,300 7.00 450 125 CvC/leonard Green
Booz Allen Hamilton 1,250 7.00 350 100 Carlyle
kronos 1,210 7.00 425 125 Hellman & Friedman/JMi equity
Attachmate 1,100 5.51 575 150 Francisco Partners/Golden Gate/thoma Bravo
lone Star intermediate Super Holdings 1,000 7.50 950 150 Madison Dearborn/Providence equity/welsh Carson
west Corp 970 5.88 450 125 Quadrangle/thomas H lee
AdvancePierre Foods 925 4.75 450 125 oaktree Capital
endurance international Group 800 7.00 500 125 GS Capital/warburg Pincus
Harbor Freight tools uSA 750 5.50 425 125 -
Source: Bloomberg LP
BoRRoWER tRANCHE sIzE ($BN) tENoR CURRENt MARGIN UsE oF PRoCEEDs sECtoR
Chesapeake energy 3.00 5.56 700 Refinance Debt energy
ineos uS Finance 2.00 6.00 525 Refinance Debt Materials
Chesapeake energy 2.00 5.06 450 Refinance Debt energy
Bausch & lomb 1.94 7.00 425 Refinance Debt Health Care
Getty images 1.90 7.00 325 lBo Communications
ADS waste Holdings 1.80 7.00 400 Acquisition industrials
SuPeRvAlu 1.65 5.00 200 Refinance Debt Consumer Staples
Arch Coal 1.40 6.00 450 Refinance Debt energy
BJ's wholesale Club 1.30 7.00 450 Refinance Debt Consumer Staples
uS Foods 1.24 4.82 425 Refinance Debt Consumer Staples
Source: Bloomberg LP
Ford Motor Leads Ranking of Biggest Leveraged Loans in 2012
Chesapeake Dominates Covenant-Lite Leveraged Loan Issuance
Cequel tops Ranking of Loan Issuance for Dividend Payment
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 14
U.s. LoANs
Institutional, Cov-Lite Volume Jump; Consumer Discretionary Leads by sector
Communications 11%
Consumer Discretionary
22%
Consumer Staples 7% Energy
11% Financials
12%
Health Care 10%
Industrials 9%
Materials 6%
Technology 11%
Utilities 1%
2012 Issuance by Sector
Source: Bloomberg
$0 BIL
$5 BIL
$10 BIL
$15 BIL
$20 BIL
$25 BIL
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011 2012
Cov Lite Term Loan Issuance by S&P Ratings
CCC BBB BB B
Source: Bloomberg
0
100
200
300
400
500
600
700
800
$0 BIL
$20 BIL
$40 BIL
$60 BIL
$80 BIL
$100 BIL
$120 BIL
$140 BIL
$160 BIL
$180 BIL
$200 BIL
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2009 2010 2011 2012
Quarterly Leveraged Volume and Deal Count
Total Issuance
# of Tranches
Source: Bloomberg
$0 BIL
$20 BIL
$40 BIL
$60 BIL
$80 BIL
$100 BIL
$120 BIL
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011 2012
Pro Rata vs Institutional Issuance
Institutional Pro-Rata
Source: Bloomberg
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 15
U.s. LoANs click on tabs to view sector maturity walls
Interactive 2013-2014 Institutional Loan Maturity schedule
Maturity Wall Pushed Out due to Recent Refinancings
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Loan
Issu
ance
in U
SD (B
illio
ns)
Maturity Wall Pushed Out due to Recent Refinancings
2009 Maturity Wall 2012 Maturity Wall 2012 2015 2014 2013 2016 2017 2018 2019
Source: Bloomberg LSRC <GO>
1
The maturity wall for U.S. leveraged loans has been pushed out to a peak in the first quarter of 2017 after recent refi-nancings, Bloomberg data show. In 2009, more than $95 billion was scheduled to come due in the fourth quarter of 2013.
This year’s wall has been reduced significantly as no more than $6 billion is scheduled to come due in any one quar-ter. The next peak is in the third quarter of 2014, when $24 billion in loans are due, Bloomberg data show.
— Afrim Zeka, Bloomberg Data Analyst
limited maturities in 2013
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 16
U.s. LoANs — PRICE tRENDs
Unsecured Margin, Libor Floor Falls; Percentage With Libor Floor Jumps
0
200
400
600
800
1000
1200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010 2011 2012
Average Margin by Rank
1st Lien 2nd Lien Unsecured
Source: Bloomberg
0%
10%
20%
30%
40%
50%
60%
70%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011 2012
Percentage of Term Loans with LIBOR Floor
Source: Bloomberg
0
50
100
150
200
250
300
350
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010 2011 2012
Average LIBOR Floor for Term Loans
Source: Bloomberg
96.5
97
97.5
98
98.5
99
99.5
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2010 2011 2012
Average Original Issue Discount for Term Loans
Source: Bloomberg
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01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 17
EURoPEAN LoANs
Average Margin trends Higher; Maturity Wall Pushed out
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250
300
350
400
450
500
550
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2007 2008 2009 2010 2011 2012
0
10
20
30
40
50
60
70
80
Ave
rage
Mar
gin
EUR
(Bln
)
Quarterly Issuance Volume, Average Margin
Source: Bloomberg
-
10
20
30
40
50
60
70
2012 2013 2014 2015 2016 2017
Eur
(Bln
)
Leveraged Loan Maturity Wall, 2012 Vs 2011
2011 2012
Source: Bloomberg
0
100000
200000
300000
400000
500000
600000
700000
2007 2008 2009 2010 2011 2012
Europe Announced LBO Volume Drops Versus U.S.
Asia Pac (Dev) N America W Europe
Source: Bloomberg LP
$m
0
100
200
300
400
500
600
700
800
900
0
50000
100000
150000
200000
250000
300000
350000
400000
2007 2008 2009 2010 2011 2012
Num
ber o
f Dea
ls (l
ine)
USD
M (b
ar)
Announced European LBOs Fall 17% in 2012
Source: Bloomberg
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 18
EURoPEAN LEVERAGED LoANs
schaeffler tops ranking of largest deals signed in 2012IssUER DEAL sIzE (M) CURRENCY MAtURItY MARGIN
Schaeffler 8,000 euR 01/27/15 euribor+425
intelsat Jackson Holdings 3,218 uSD 04/02/18 libor+325
eircom Holdings 2,345 euR 09/29/17 euribor+300
Delta 2 Sarl 2,260 uSD 04/27/19 libor+475
elior SCA 1,581 euR 06/30/17 euribor+450
Abengoa 1,566 euR 07/01/16 euribor+375
eurasian Natural Resources 2,000 uSD 02/01/17 libor+630
Silver ii Borrower Sarl 1,975 uSD 12/05/19 libor+375
vivarte 1,509 euR 03/31/18 euribor+650
Cableuropa SAu 1,400 euR 12/24/18 euribor+450
Grifolsinc 1,700 uSD 06/01/17 libor+350
telco SPA 1,050 euR 11/27/13 euribor+300
Sensata technologies 1,336 uSD 05/12/18 libor+275
eDP- energias de Portugal 1,000 euR 08/20/17 euribor+480
Misys 1,197 uSD 12/12/18 libor+600
Autobar Group 900 euR 10/31/19 euribor+500
iglo Foods Midco 811 euR 10/31/17 euribor+475
eDP - energiasde Portugal 800 euR 10/22/15 euribor+350
kabel Deutschland vertriebund Service 782 euR 03/31/17 euribor+325
Smurfit kappa Acquisitions 701 euR 03/31/17 euribor+388
Source:Bloomberg LP
admorabilia leads european loan maturity schedule for 2013
BoRRoWER tYPE MAtURItYoUtstANDING
CuRReNCY AMouNt
Admorabilia teRM 08/11/2013 euR 1,250
telco teRM 11/27/2013 euR 875
inmobiliaria Colonial teRM 09/14/2013 euR 800
kwik-Fit Holdings teRM 08/31/2013 euR 375
kwik-Fit Holdings teRM 08/31/2013 GBP 265
enterprise inns teRM 12/15/2013 GBP 264
Hapag-lloyd teRM 09/25/2013 uSD 412
Mecom Group teRM 10/25/2013 euR 295
Sky Deutschland D-DteRM 12/31/2013 euR 275
FCi international teRM 11/02/2013 euR 182
Air tanker Finance teRM 07/27/2013 GBP 182
travelex teRM 10/31/2013 GBP 140
Red Bee Media teRM 08/31/2013 GBP 125
iccrea Bancaimpresa teRM 12/23/2013 euR 150
enterprise inns Rev 12/15/2013 GBP 99
Powerfuel Mining teRM 07/16/2013 GBP 85
etablissements Maurel et Prom Rev 12/31/2013 uSD 130
Sponda teRM 02/15/2013 euR 100
Aegean Marine Petroleum Rev 01/30/2013 uSD 123
Smurfit kappa Acquisitions teRM 12/31/2013 euR 95
Source:Bloomberg LP
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
01.03.13 www.bloombergbriefs.com Bloomberg Brief | Leveraged Finance 19