Techem’s €735m debut blows out, book 10 times covered
Techem, a German company that provides energy billing and energy management services, produced the highlight deal of the week in Europe’s high yield market. Making its bond debut, Techem raised €735m in a deal that was 10 times subscribed on Tuesday.
"I can see how it attracted a lot of interest," said a high yield investor in London. "They have long contracts and a stable, boring business. High yield investors like boring businesses with stable cash flow."
Techem sold a 410m seven year non-call three senior secured tranche to yield
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