Winners and losers in European high yield
It’s a tale of two markets in the non-investment grade space: while some borrowers are riding high, others are falling by the wayside. The European high yield market is continuing to recover but not every transaction has had an easy time of it. A €300m eight year deal for French steelmaker Ascometal was rumoured to be struggling since the end of last week. On Wednesday new talk of a potential pulling of the deal has crossed bankers’ radar, although bookrunners Bank of America Merrill Lynch and Morgan Stanley did not confirm the news.
The 375m bond to take out Spies hung bridge is finding a better reception. Global coordinators HSBC, Morgan Stanley and Société Générale and bookrunners BNP Paribas, Crédit Agricole and Deutsche Bank were planning to sell the August 2019 notes on Wednesday. Guidance is in the 11%-11.5% area.
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