PIK notes to return to European high yield

Wind Telecomunicazioni, the Italian mobile phone operator, hopes to sell a Eu500m payment in kind (PIK) note, the first in Europe since the credit crunch, by the end of this week.

  • 08 Dec 2009

The reappearance of this aggressive structure, albeit by one of the high yield bond market’s most prominent issuers, is further evidence of the strength of demand in the high yield bond market.

However, the structure is proof that investors are still wary of PIK, as Wind’s offering is ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%