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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5 Credit Suisse 44,888.95 123 7.45%