• Yankees charge into euro HY while locals go missing

    US borrowers have accounted for almost all high yield bond sales in Europe in February as investors scramble for paper and European issuers turn to leveraged loans, with deals this week for Levi Strauss and Quintiles IMS. But European borrowers should be back soon, said bankers.

    • 23 Feb 2017
  • Nokia breaks HY drought as Bakkavor quits

    Finnish technology company Nokia is set to become the first European company to issue a euro high yield bond for four weeks. Meanwhile, UK food producer Bakkavor will repay all its notes.

    • 23 Feb 2017
  • Levi Strauss adopts refi fashion in euro high yield

    Jeanswear maker Levi Strauss priced on Thursday a new refinancing deal in euros, having been absent from the European high yield bond market for seven years.

    • 23 Feb 2017
  • Ocean crossing to pay off for Quintiles blowout

    US pharma research firm Quintiles IMS Holdings printed on Thursday a new €1.4bn high yield bond, proving that European high yield investors are embracing the train of US issuers printing in euros.

    • 23 Feb 2017
  • A&O poaches Paul's partners

    Allen & Overy has hired three partners from Paul Hastings to its leveraged finance practice.

    • 23 Feb 2017
  • Xinhu Zhongbao snaps up $700m from debut

    Xinhu Zhongbao Co became the latest dollar issuer to benefit from a conducive market backdrop this week, pricing a $700m bond — the largest high yield property transaction in recent times.

    • 23 Feb 2017
  • Corporate bond market keeps its head amid political noise

    The corporate bond market is picking up momentum again, with almost €3.5bn of debt printed already this week, and investors say issuance can continue apace if Europe’s economies continue to improve.

    • 22 Feb 2017
  • Citic snags investors for new $1.25bn dual trancher

    Citic snatched $1.25bn from an aggressively priced dual-tranche transaction on Tuesday, its second bond outing since a restructuring that saw it gain investment grade status.

    • 22 Feb 2017
  • Dollar deals flood into Asia market

    The Asia debt market saw a fresh rush of dollar deals on Wednesday, with property names China Jinmao Holdings Group and Xinhu Zhongbao, as well as Singapore’s United Overseas Bank launching new deals.

    • 22 Feb 2017
  • Proctor gambles on Santander in sponsors job switch

    Santander has poached yet another banker from the Royal Bank of Scotland's leveraged finance team, as Saul Proctor becomes financial sponsor director at the Spanish bank.

    • 21 Feb 2017
  • United PV hits annual fundraising limit with $100m tap

    Chinese solar power company United Photovoltaics Group grabbed investors on Monday for a $100m tap of its debut notes, managing to hit its approved $350m fundraising cap.

    • 21 Feb 2017
  • Chinese corps test investor appetite for new deals

    Citic and Xinyuan Real Estate are out with their respective bonds on a busy Tuesday in the dollar debt market, as China Jinmao Holdings Group also announces a tender plus new issue as part of its liability management.

    • 21 Feb 2017
  • JP Morgan: bond investors should take profits now

    Bond spreads now only provide marginal compensation for political risk to investors, JP Morgan said on Monday, with the largest ever outflow from European investment grade retail funds last week.

    • 20 Feb 2017
  • China's United PV opens tap for more dollars

    Chinese borrower United Photovoltaics Group is back in the dollar debt market for more, opening a tap of its debut three year notes on Monday morning.

    • 20 Feb 2017
  • Xinhu Zhongbao woos investors for maiden outing

    Chinese real estate developer Xinhu Zhongbao Co is looking for a window for its inaugural international outing, with a roadshow set to take place next week.

    • 17 Feb 2017
  • Chinese corps seek NDRC blessing for offshore debuts

    China Forestry Group Corp and local government financing vehicles from Xinyi and Tieling are among the issuers waiting for a green light from the National Development and Reform Commission to sell foreign currency debt.

    • 17 Feb 2017
  • BlueBay, Brandywine board busy global high yield fund trend

    Investment houses BlueBay in London and Brandywine in Philadelphia have joined this week a recent spate of high yield portfolio managers growing new funds beyond a specific regional focus.

    • 16 Feb 2017
  • Fortune may prove fickle for Chinese real estate

    Chinese high yield property issuers have shown that they have investors in the palms of their hands, taking advantage of accounts’ hunger for yield to price deals at levels that would have been impossible a few months ago. But as more property companies face refinancing needs and investors spend their cash, borrowers will need to adapt to a tougher pricing environment.

    • 16 Feb 2017
  • Hello, world! Qinghai Investment debuts with $300m

    Chinese state-owned Qinghai Provincial Investment Group Co sealed its inaugural dollar bond on a quiet day in Asia DCM, bagging $300m from an over 8x subscribed transaction. But pricing was somewhat constrained by the country's weak aluminium sector.

    • 16 Feb 2017
  • China’s Xinyuan lays foundation for dollar return

    Xinyuan Real Estate is drumming up interest for its first international bond of the year, hiring seven firms to work on a Reg S transaction.

    • 16 Feb 2017
  • Together alone to take 100bp tightening on January

    UK mortgage lender Together Financial was the only new deal in the European high yield bond market of the week when, on Wednesday, it sold a sterling offering that received firm demand in a rare example of a single-B name opting for bonds over leveraged loans.

    • 15 Feb 2017
  • Stada, Body Shop sales offer glimmer of hope to levloan investors

    The repricing train steams on in European leveraged loans, although several buyouts are coming down the track, offering new paper and the promise of some yield to desperate investors.

    • 15 Feb 2017
  • Ronshine nails additional $225m from tap

    Ronshine China Holdings took advantage of the positive market sentiment on Tuesday to grab an additional $225m from a tap of its debut 2019s, reversing the rocky reception received for the original notes.

    • 15 Feb 2017
  • Qinghai Investment digs inaugural dollar bond

    Chinese state-owned enterprise, Qinghai Provincial Investment Group Co, opened books for a Reg S transaction on Wednesday morning.

    • 15 Feb 2017
  • Moody’s shoots Arrow up to crowded BB spot

    Arrow Global, the UK distressed debt buyer, had its ratings upgraded by Moody’s on Tuesday to Ba3, increasing the market’s overall stock of bonds with double-B ratings — a stock which some investors believe is excessive.

    • 14 Feb 2017
  • Road King drives investors hard for $300m

    Chinese toll road operator and property developer Road King Infrastructure took advantage of investor desire for high yielding paper on Monday, offering a rare perpetual, fixed for life deal that still attracted a book that was more than 15 times subscribed.

    • 14 Feb 2017
  • Politics to keep HY's losing hand in play, despite new Together deal

    Bankers and investors believe Europe’s election schedule will drive up rates on new high yield bonds and increase the attraction of leveraged loans to issuers — even as Together Financial’s new sterling offering kept the market alive.

    • 13 Feb 2017
  • Greater China names unleash deals into Monday market

    The Greater China debt market started the week in full force, with Bank of Communications, ICBC and Road King Infrastructure opening books on Monday.

    • 13 Feb 2017
  • Future Land collects cash deluge from HY investors

    Future Land Development Holdings’ new three year notes garnered massive investor interest for a $350m capped deal, as Chinese property names benefit from market support.

    • 10 Feb 2017
  • Apollo bottles up Verallia dividend in €350m PIK deal

    It took a trim of the offering size and issuer’s leverage ratio to sway high yield investors, but French glass packaging manufacturer Verallia finally priced its new bond on Thursday.

    • 09 Feb 2017
  • 'Disciplined market' sets ICBPI’s PIKs above 7%

    Istituto Centrale delle Banche Popolari Italiane (ICBPI) on Thursday sold a payment-in-kind bond to fund its latest acquisitions in the consumer card sector.

    • 09 Feb 2017
  • New Italian HY fund does away with regional bounds

    Sidera Funds has launched a new investment sub-fund that tracks euro and US high yield indices from Bank of America Merrill Lynch, but goes beyond geographies and currencies.

    • 09 Feb 2017
  • China Singyes lights up market with $260m senior debut

    China Singyes Solar Technologies Holdings sealed its debut dollar bond on Wednesday after pricing was tightened by an impressive 55bp. Strong market conditions, a familiar name and the deal’s structure played well together for the unrated trade, reckon market participants.

    • 09 Feb 2017
  • Pakuwon Jati stirs investor interest in Indonesian property

    Indonesian real estate developer Pakuwon Jati fed off investors’ desperation for paper, pricing a tight $250m seven non call four on Wednesday on a book more than four times subscribed.

    • 09 Feb 2017
  • Future Land Development surges into market

    Future Land Development Holdings is hunting for $350m from a new three year note launched on Thursday morning, with pricing tightened aggressively at the end of the day.

    • 09 Feb 2017
  • Rusal plans Russia’s first Panda bond

    Russian aluminium producer Rusal has registered a prospectus on the Shanghai Stock Exchange for a Rmb10bn ($1.5bn) seven year Panda bond programme, the company said on Wednesday.

    • 09 Feb 2017
  • The 2017 dim sum bond disappearing act

    The offshore renminbi market is set for another year of pain with new issuance predicted to fall by as much as 30% in 2017, according to HSBC’s February dim sum tracker report.

    • 09 Feb 2017
  • Silgan uncorks rare loan-to-bond cross-border offering

    Silgan Holdings, a maker of consumer goods packaging in the US, this week priced the first cross-border high yield deal of 2017 as it plans to repay term loans.

    • 08 Feb 2017
  • Virgin Media targets covenants in bond exchange

    UK telecoms Virgin Media offered bondholders to exchange its 5.5% 2021 sterling bonds for new notes that increase coupons and maturities, but do away with restrictive covenants.

    • 08 Feb 2017
  • Apollo tweaks Verallia dividend bond at investors’ behest

    French bottle maker Verallia served on Wednesday an updated version of the offering it had to pull in October, when its shareholder Apollo disagreed over the terms with investors. The deal is now smaller, and the issuer less leveraged.

    • 08 Feb 2017
  • Loan pricing screws keep tightening

    Pricing in the European leveraged loan market is “in freefall”, according to one head of leveraged finance.

    • 08 Feb 2017
  • Pakuwon Jati peeks into dollar market

    Indonesia’s Pakuwon Jati was back in the international market on Wednesday after a nearly three year hiatus, looking to grab enough funds to redeem its existing 2019s.

    • 08 Feb 2017
  • China Singyes shines light on inaugural transaction

    China Singyes Solar Technologies Holdings has become the latest energy name to venture out to the Asian debt market, taking bids for its debut dollar bond on Wednesday.

    • 08 Feb 2017
  • Hapag back with triple-C tap

    Two weeks after printing €250m of triple-C rated notes, container shipping company Hapag-Lloyd on Tuesday sailed into the market for an add-on.

    • 07 Feb 2017
  • UniCredit fills senior tier in capital markets, corpfin

    UniCredit has named the bankers to fill a series of senior country posts in its financing and advisory business, which covers equity and debt origination, coverage and M&A.

    • 07 Feb 2017
  • Buma quells investor concerns to raise $350m

    Bukit Makmur Mandiri Utama (Buma), which services Indonesia's coal industry, pulled in an impressive $2.2bn book for a $350m bond this week, after taking care to meet investors and address their concerns about its relationship with defaulted miner Berau Coal.

    • 07 Feb 2017
  • Neerg Energy powers up green bond with unique structure

    India’s Neerg Energy sold a $475m green bond on Monday — the second green dollar transaction from Asia this year. The deal introduced a new structure to the market, but investors’ concerns were allayed by the issuer’s robust credit story.

    • 07 Feb 2017
  • Forget sponsor-led HY bonds, urges issuer adviser

    As the visible pipeline in the European high yield bond market reopens, one of the largest debt advisers to borrowers had a tip for high yield bankers: search for new supply away from sponsors.

    • 06 Feb 2017
  • Asian power companies turn to dollar investors

    Power companies were at the forefront of the international market on Monday, with India’s Neerg Energy and Indonesia’s Bukit Makmur Mandiri Utama launching high yield dollar deals.

    • 06 Feb 2017
  • China Singyes to roadshow for maiden dollar bond

    China Singyes Solar Technologies Holdings is eyeing its inaugural dollar bond, hiring six banks to work on the senior unsecured transaction.

    • 06 Feb 2017
  • Marcolin speeds up floater following LVMH JV

    Italian eyewear maker Marcolin entered a quiet European high yield market on Tuesday, announcing a roadshow starting on Wednesday for €250m of floating rate notes after signing a joint venture with LVMH.

    • 03 Feb 2017
  • Climate impacts are here, get ready for 3C warming, warns Cicero

    Cicero, the climate research institute at Oslo University, has produced a report to help investors work out where they face risks from climate change, with red, orange and yellow flags for the severity and immediacy of threats.

    • 03 Feb 2017
  • Europe eyes HY reverse Yankee dealflow

    Bankers and debt advisers in the European high yield market believe more US companies could bring reverse Yankee bonds to Europe, as uncertainty surrounding new economic and trade policies in the US hampers their home market.

    • 02 Feb 2017
  • HY vows to keep market ‘warm’ after hot January

    The European high yield market may not be as bleak for issuance volumes as previously thought following a stellar start to the year, according to market participants.

    • 01 Feb 2017
  • IG hums to ECB's tune but levfin lop-sided

    The corporate bond market is keeping apace this week, with the first hybrid of the year joining unrated deals for Porr and Louis Dreyfuss. But conditions in the leveraged finance market favour loans, as numerous repricings punctuate the market between few buyouts.

    • 01 Feb 2017

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Feb 2017
1 JPMorgan 1,555.65 4 10.62%
2 Scotiabank 1,078.68 3 7.37%
3 BNP Paribas 964.36 3 6.59%
4 Goldman Sachs 935.56 3 6.39%
5 Bank of America Merrill Lynch 928.68 2 6.34%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 Credit Suisse 1,052.39 15 9.44%
2 Deutsche Bank 975.14 10 8.75%
3 Bank of America Merrill Lynch 875.05 8 7.85%
4 Citi 847.97 7 7.61%
5 HSBC 818.64 12 7.34%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 JPMorgan 5,718.36 39 11.74%
2 Bank of America Merrill Lynch 4,411.34 37 9.06%
3 Credit Suisse 3,673.68 24 7.54%
4 Citi 3,657.00 24 7.51%
5 Jefferies LLC 3,166.33 8 6.50%