Top stories

  • High yield debutant Heide seeks dividend

    European high yield primary action resumed with Heide Raffinerie on Tuesday. As a first time issuer from an industry that makes up only a small portion of the market, the deal will test conditions after recent volatility, say sources.

    • 21 Nov 2017

  • Ten Cate joins lev loan dividend recap gravy train

    Dividend recapitalisation deals, like Ten Cate’s new €125m term loan, launched on Tuesday, are on the rise. The technique, considered aggressive by leveraged loan investors, is nevertheless becoming more common and accepted in the present issuer's market.

    • 21 Nov 2017
  • US high yield issuers line up after $6.8bn pulled from sector

    Investors pulled $6.8bn from US high yield mutual funds last week, but spreads ended last week unchanged and a busy line up of issuers have crowded the primary deal pipeline.

    • 20 Nov 2017
  • Ceramtec adds LBO to bulky leveraged loan market

    Deals topping €1bn are becoming more common in the European leveraged loan market, pushing gross issuance to annual record levels. Ceramtec is about to launch the latest, with a €1.1bn leveraged buyout.

    • 20 Nov 2017
  • HY pauses after heavy fund outflows, but market still open

    The euro high yield market woke up to an empty bond pipeline on Monday, after suffering the largest weekly retail fund outflow since 2015. But this is not the end of the year, say bankers and investors.

    • 20 Nov 2017
  • Commission group recommends easing MAR to boost corporate bonds

    The European Commission’s Expert Group on corporate bond markets has recommended reforming the Market Abuse Regulation to ease market soundings rules. But it also plans to toughen up standards in high yield markets, supporting 'transparent and fair' allocation methods, and to work on ways to cut order inflation.

    • 20 Nov 2017
  • Festive European levfin wipes US jitters

    Borrowers and investors marched on in the European leveraged finance markets this week, pricing €1.5bn of high yield bonds while bankers have been able to tighten terms on new loan deals during syndication. Deals pulled earlier in the week in the US are already a fading memory.

    • 16 Nov 2017
  • Direct lenders staking bigger claim in euro leveraged loan market

    Leveraged loan issuers used to call on direct lending players to pre-place small portions of their offerings, mostly second liens. But as direct lenders grow bigger funds, their appetite for loans is starting to impact entire deals.

    • 16 Nov 2017
  • High yield without sin: investors are beginning to try

    The march of responsible investing took a step into the high yield bond market this week, as both M&G and Candriam launched funds that will use environmental, social and governance factors to influence their investment choices.

    • 16 Nov 2017
  • Paysafe offers LBO loan as investor hunger grows

    Investors are keeping pace with heavy issuance in the European leveraged loan market, with ticket sizes increasing in response to a rush of jumbo sized loans this week, including a $2.4bn equivalent deal from Paysafe.

    • 15 Nov 2017
  • Frothy US high yield knocked but still standing after volatile week

    The US high yield market suffered a volatile week, with pulled deals, wider spreads and billions of dollars of retail investor outflows, but a string of determined issuers and hardy investors keen to pick up bargains meant the sell-off did not result in a full blown market rout, as many had earlier feared.

    • 16 Nov 2017
  • Salt Mobile gets cool reception for 10 year bond to repay FRN

    Swiss telecom group Salt Mobile printed a high yield fixed rate issue on Tuesday, its second deal this year, as it replaced floating rate notes with new bonds. They were priced at the wide end of guidance.

    • 14 Nov 2017
  • PE firms bask in hot European leveraged loan market

    CVC and Ardian charged up the leveraged loan deal pipeline with new buyouts of European businesses in Ireland, Greece and Spain this week. A strengthening European economy is likely to attract more, said market participants.

    • 14 Nov 2017

High Yield priced deals database

DateIssuerMaturityCur.SizeCoupon
09-Nov-17Haya Finance 2017 SA 15-Nov-222253-mth Euribor +512.5bp
08-Nov-17Cooperativa Muratori & Cementisi CMC di Ravenna 15-Feb-233256%
06-Nov-17CMA CGN15-Nov-252505.25%
06-Nov-17Rexel SA 15-Nov-255002.125%
02-Nov-17B2 Holding AS 17-Nov-222003-mth Euribor +425bp


Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,543.40 76 7.20%
2 BNP Paribas 17,734.06 111 6.53%
3 Goldman Sachs 15,275.80 61 5.63%
4 Deutsche Bank 14,293.34 81 5.26%
5 HSBC 14,241.09 92 5.24%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 7,123.00 59 7.43%
2 Goldman Sachs 6,789.41 55 7.08%
3 Deutsche Bank 5,954.72 59 6.21%
4 Credit Suisse 5,809.63 61 6.06%
5 BNP Paribas 5,208.30 57 5.43%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,543.40 76 7.20%
2 BNP Paribas 17,734.06 111 6.53%
3 Goldman Sachs 15,275.80 61 5.63%
4 Deutsche Bank 14,293.34 81 5.26%
5 HSBC 14,241.09 92 5.24%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 7,123.00 59 7.43%
2 Goldman Sachs 6,789.41 55 7.08%
3 Deutsche Bank 5,954.72 59 6.21%
4 Credit Suisse 5,809.63 61 6.06%
5 BNP Paribas 5,208.30 57 5.43%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 33,802.85 265 10.75%
2 Citi 26,963.27 215 8.58%
3 Bank of America Merrill Lynch 25,506.35 227 8.11%
4 Goldman Sachs 23,587.99 168 7.50%
5 Barclays 20,408.08 140 6.49%