• Snai leads euro high yield refi wave

    Three high yield borrowers on Monday announced refinancing deals in euros with roadshows starting this week — the first to meet with investors is Sindicato Nazionale Agenzie Ippiche, the Italian gaming company.

    • 02:00 PM
  • Sterling high yield pipeline reopens despite Daisy’s fail

    Enterprise Inn, the UK pub group, on Monday began marketing a new sterling refinancing offering amid growing instability in the market after Daisy, the UK telecom services supplier, pulled its deal last Friday.

    • 01:30 PM
  • BNPP seeks bigger private equity wallet share with senior hire

    BNP Paribas is hoping to win more business from private equity firms across its product lines, following the appointment of James Seagrave as global head of financial sponsors.

    • 10:15 AM
  • Lippo to push back maturity profile with new bond

    Indonesian property developer Lippo Karawaci is continuing its efforts to push out its debt maturity profile with a new 10 non call five bond.

    • 10:15 AM
  • Dial flies high on the back of Saudi success

    Delhi International Airport’s decision to launch its bond a month after wrapping up roadshows paid off, with the new 10 year cinching global interest and a more than 6.5x covered book.

    • 21 Oct 2016
  • Tricky path for single-Bs, says CreditSights

    Demand for top corporate high yield paper stands to grow as returns are trimmed elsewhere, but research house CreditSights believes lower rated credits may miss the spotlight.

    • 20 Oct 2016
  • MMI International readies 144A return

    MMI International has picked four banks to arrange its new 144A/Reg S deal, and is set to meet investors from next week.

    • 20 Oct 2016
  • India's Dial takes off for second debt outing

    India's Delhi International Airport has launched its second international bond and this time is pushing for a longer tenor.

    • 20 Oct 2016
  • Investors pack into TUI’s double-B spot for big book

    TUI AG, the German tourism company, on Wednesday became one of only five double-B rated borrowers which have been able to print sub 2.5% coupons this year.

    • 19 Oct 2016
  • Yuzhou raises $250m despite lead bank merry-go-round

    Yuzhou Properties Co’s latest bond had a bumpy ride this week as it struggled to garner interest for a longer tenor and one of its joint global co-ordinators dropped out.

    • 19 Oct 2016
  • Corporate bond markets busy despite QE qualms

    Despite tricky conditions in the European corporate bond market, a varied array of issuers has come to market this week, with the flow increasing as the week has gone on.

    • 19 Oct 2016
  • Jiangsu govt support propels Huai’an Traffic bond

    Huai’an Traffic Holdings, the local government financing vehicle (LGFV) for the Huai’an municipal government, has locked in $300m from its inaugural international offering as investors put faith in the issuer’s strong link to the Jiangsu province.

    • 19 Oct 2016
  • Daisy challenges ‘hard Brexit horrors’ with offering

    The largest telecom services reseller in the UK, Daisy Group, on Tuesday opened a four day roadshow for its debut high yield bond, unfazed by Brexit tensions in the sterling market.

    • 18 Oct 2016
  • Huai’an Traffic, Yuzhou add to bond momentum

    Huai’an Traffic Holding and Yuzhou Properties Company are set to become the newest names to test liquidity in the international bond market, kicking open their deals on Tuesday morning.

    • 18 Oct 2016
  • TUI to test double-B refi opportunity

    German leisure travel group TUI AG launched a roadshow for a new issue to refinance its old 2019 bond on Monday at a time when coupons in the upper end of the high yield rating spectrum seem to be trending wider.

    • 17 Oct 2016
  • Modern Land pioneers with first Chinese HY green bond

    Modern Land (China) Co ventured out with its maiden green bond on Thursday. It not only achieved the largest size for its dollar bonds to date, but also paved the way for the country’s property developers to come to the international green debt market.

    • 14 Oct 2016
  • ICTSI docks $375m perpetual bond

    International Container Terminal Services (ICTSI) executed a successful liability management exercise on Thursday with a $375m perpetual non call 7.6 year, printing a deal with numerous firsts.

    • 14 Oct 2016
  • Warner Music plays in Europe with $630m refi deal

    US music publisher Warner Music Group on Monday was alone in the European high yield market at the same time that Verallia, the French glass packaging maker, told investors it had cancelled its pay-if-you-can bond offering.

    • 13 Oct 2016
  • Oil prices sink Norwegian high yield to Swedish levels

    Norway’s top spot in Nordic high yield annual primary issuance has historically been invulnerable. But with most borrowers linked to the energy sector and oil prices struggling to recover, its reign may be about to change this year.

    • 13 Oct 2016
  • Opportunistic Romanian €350m telecom bond

    Eastern European telecoms operator RCS&RDS on Thursday printed a refinancing euro bond that was first planned in euros and Romanian leu, while it mulls a potential IPO.

    • 13 Oct 2016
  • Chinese duo snaps up $800m from hungry investors

    TUS Holdings and a government financing vehicle from Zhuzhou sealed their respective bond offerings on Wednesday, with the former raking in $500m and the latter $300m.

    • 13 Oct 2016
  • Asian borrowers storm debt market

    A diverse group of issuers forged ahead with their respective fundraisings on Thursday, seeking everything from dollars to Singapore dollars and green debt.

    • 13 Oct 2016
  • Tereos to refi bank debt in the HY bond mart

    French sugar and alcohol producer Tereos on Wednesday sold a tap of its 2023 bond. It plans to use the offering’s proceeds to repay high cost bank credit facilities.

    • 12 Oct 2016
  • Corporate investors push back against tight NIPs

    Corporate bond issuance is continuing at a fast rate in Europe, with three deals on Monday this week and six on Tuesday. But investors have become less willing to accept the tight spreads, yields and new issue premiums that quantitative easing has underpinned for much of this year.

    • 12 Oct 2016
  • TUS Holdings, Zhuzhou LGFV hit bond market

    Chinese issuers are returning to the international bond market after a one week national holiday, with TUS Holdings and Zhuzhou City Construction Development Group heading out with their deals.

    • 12 Oct 2016
  • Jiangsu LGFVs ready debut dollar bonds

    Chinese local government financing vehicles Huai’an Traffic Holding and Jiangsu Zhongguancun Science Park Holding Group are hitting the road this week ahead of their first dollar offerings.

    • 11 Oct 2016
  • Apollo takes back €500m pay-if-you-can notes from Verallia

    The recent surge of primary action in European high yield suffered a blow on Monday when Verallia pulled its €500m pay-if-you-can (PIYC) bond. But the market trotted on and kept its momentum.

    • 10 Oct 2016
  • N&W prices €300m LBO bond after busy September

    Necta & Wittenborg Global Vending, the Italo-German vending machine maker, kicked off October for the euro high yield market, which printed €16bn of deals during the previous month.

    • 07 Oct 2016
  • HP on savings course with refi bond

    Hellenic Petroleum on Thursday opened books for a new euro bond to redeem its 8% 2017s, with coupon guidance already some 200bp tighter than the old notes.

    • 07 Oct 2016
  • Chinese issuers seek NDRC's blessing for offshore outings

    A handful of Chinese companies have registered their plans to sell offshore foreign currency bonds with the National Development and Reform Commission, with potential issuers ranging from state-linked entities, government financing vehicles and corporates.

    • 07 Oct 2016
  • ITC brushes off China holiday week with debut bond

    Hong Kong-listed ITC Properties Group became the only international debt issuer from Greater China this week, selling its notes during the country’s week-long national holiday.

    • 07 Oct 2016
  • Beware high yield mart contrasts, says CreditSights

    The euro high yield market in September reached the highest volume of bond sales on record for the past 18 months, according to research house CreditSights, but not all data was so encouraging.

    • 06 Oct 2016
  • First 2016 pay-if-you-can notes from Verallia to test ‘HY greed’

    French glass packaging maker Verallia on Wednesday began testing investors’ thirst for risk with a €500m pay-if-you-can (PIYC) bond, the first of its kind issued since October 2015.

    • 06 Oct 2016
  • Aoyuan Property builds up steam on positive outlook

    China Aoyuan Property has mandated banks to organise fixed income investor meetings to update the market on recent news about its credit.

    • 06 Oct 2016
  • AAG drives through more M&A bonds

    Alliance Automotive, the Blackstone-owned French car parts supplier, announced and printed an add-on to its LBO bonds in just one day, to fund the acquisition of UK peer FPS Distribution.

    • 05 Oct 2016
  • Investment grade gets butterflies but HY and levloans pumping

    This has been a week of wariness for euro investment grade corporate bonds. A German public holiday on Monday kept a lid on deals, but there were at least two go/no-go calls on Tuesday that yielded no deals, despite an improving tone in corporate spreads and stock markets.

    • 05 Oct 2016
  • Belden wires in €200m subordinated issue

    St. Louis-headquartered Belden, the communications equipment manufacturer, launched €200m of 10 year non-call five notes on Tuesday morning, as the high yield market looks to maintain issuance momentum following a bumper September.

    • 04 Oct 2016
  • Bonds’ mixed performance makes investors cautious

    Robust G3 issuance in Asia ex-Japan in September delivered the second highest monthly deal volume on record. But the market has witnessed a power shift, with investors now calling the shots, writes Addison Gong.

    • 04 Oct 2016
  • Senior high yield trader rejoins BAML

    Bank of America Merrill Lynch has hired a senior high yield bond trader to its team in London, who will join the bank's European credit flow business in November.

    • 03 Oct 2016

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 15,780.75 62 10.56%
2 JPMorgan 12,594.51 30 8.43%
3 HSBC 12,277.00 39 8.22%
4 BNP Paribas 9,321.96 66 6.24%
5 Credit Suisse 9,123.47 18 6.11%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 Deutsche Bank 6,762.83 40 10.37%
2 Citi 6,260.32 20 9.60%
3 Goldman Sachs 5,535.09 31 8.49%
4 Barclays 4,989.20 26 7.65%
5 JPMorgan 3,571.74 29 5.48%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 JPMorgan 22,705.76 180 10.58%
2 Bank of America Merrill Lynch 20,936.36 149 9.76%
3 Goldman Sachs 18,558.41 120 8.65%
4 Barclays 18,369.35 115 8.56%
5 Citi 18,136.80 132 8.45%