Doux’s derivatives come home to roost
The European high yield market this week looked to have suffered its first wobble since the summer, as French poultry company Doux became the first issuer to miss its target offer size. The debut issue was cut on Thursday from Eu400m to Eu350m.
But bankers were quick to dismiss any talk that spikes in peripheral spreads had contributed to the failure or that the smaller deal hinted that the high yield market had passed its peak. Instead, they blamed issues specific to the company.
"The secondary market was a bit weaker on
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