Global Financial Markets Insight: post-acquisition high-yield bond exits; CRA3; securitisation in Belgium; and more

By Martin Bartlam

This year continues to see significant activity in high-yield issuance with a large number of funding and refinancing deals involving exchange offers and consent solicitations as issuers benefit from a buoyant market and investors continue to seek yield wherever they can find it.

In spite of a dawning realisation by regulators and politicians that securitisation is not all bad and indeed provided a lot of good to European growth and development, the securitisation markets continue to be challenged while they absorb the onslaught of regulatory change that has made it difficult to build sustainable momentum.

Credit rating agencies are again at the forefront of concern as CRA3 presents hurdles to overcome on disclosure and reporting in both public and private deals. Reaction to Fitch’s refusal to provide no downgrade letters presents uncertainty in the CMBS market. Increased legal challenges and changes in asset values as economies start to grow may present real value for those entering at the right level in the capital stack…

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