High Yield Bonds - All Articles


  • Victoria adds €170m to first bond issue, sweeping shaky debut under rug

    UK flooring company Victoria is issuing a €170m add-on to its €330m of outstanding 5.25% senior secured notes, due in 2024. The royal carpet maker successfully issued its debut bond last summer after failing at the first attempt in 2018 in a horribly timed launch.

    • 22 Jan 2020
  • Altice France jumps into red hot market with capital structure revamp

    Altice France has jumped into one of the busiest weeks on record for European leveraged loans and high yield issuance, announcing €2.1bn of bonds, alongside an exchange designed to simplify the group’s capital structure.

    • 22 Jan 2020
  • Levfin issuers have never had it so good

    Leveraged credit is firing on all cylinders. The best issuers are breaking coupon and margin records and there are bold dividend deals and major league new money LBOs.

    • 22 Jan 2020
  • Korean, Indian borrowers plug into green bonds

    Korea South-East Power Co (Kosep) and ReNew Power Private gave a further boost to the growing green bond market on Tuesday.

    • 22 Jan 2020
  • Greater China issuers close out year of the pig

    Three companies from the Greater China region sealed bonds on Tuesday, likely to be the last batch of issuers to tap the debt market before the Chinese New Year break begins. No Asian borrowers launched dollar deals on Wednesday.

    • 22 Jan 2020
  • Spanish car park company plans divi recap

    Empark, a Spanish car parking firm owned by a Macquarie infrastructure fund, is raising a high yield bond to fund a dividend and refinance existing bonds.

    • 21 Jan 2020
  • UBS IB spends $80m on restructuring the workforce

    UBS’s investment bank spent around $80m from restructuring related to personnel at the end of last year. The Swiss bank has also said it will look into partnerships with other banks for its investment bank.

    • 21 Jan 2020
  • Banijay rolls out €2.4bn financing to acquire Peaky Blinders producer

    French TV production group Banijay launched on Tuesday a $2.373bn-equivalent financing package, consisting of secured and unsecured bonds, a term loan and a revolver, to pay for its takeover of Endemol Shine, a Disney- and Apollo-backed Dutch production company.

    • 21 Jan 2020
  • Techem adds bonds to refi package

    Techem has now added a €600m high yield bond to the planned repricing of its €2.3bn term loan B, in a sign that bonds are now the more competitive product for some issuers, especially those at the top end of the market.

    • 21 Jan 2020
  • Pulled deals: a warning sign for Asian bonds

    The Asian bond market has been red hot since the start of 2020. With nearly every day bringing a number of blowout deals, it would be easy to overlook the three borrowers that have fallen short of completing their proposed transactions. But the failed deals may be a sign of things to come.

    • 21 Jan 2020
  • Investors pour into China property bonds

    All of the dollar debt issuance from Greater China on Monday came from real estate companies, with six borrowers taking about $1.4bn between them.

    • 21 Jan 2020
  • BSD rides market wave for dollar trade

    Real estate company Bumi Serpong Damai (BSD) followed the recent success of other high yield Indonesian borrowers in the dollar market on Monday, honing in on a refinancing opportunity that had slipped through its fingers in 2019.

    • 21 Jan 2020
  • Mowi fishes for green credentials with new bond issue

    Mowi, one of the largest seafood companies in the world, is marketing a euro green bond. The Norwegian fish farmer advertises seafood as an environmentally friendlier and healthier alternative to meat but has also faced claims that it endangers ecosystems with its net-pen salmon farms.

    • 20 Jan 2020
  • Kawohl heads to HIG for distressed debt

    Bayside Capital, the branch of private equity firm HIG Capital that invests in special situations and distressed debt, has appointed Florian Kawohl as a managing director.

    • 20 Jan 2020
  • Alvarez & Marsal expands into debt advisory

    Tim Metzgen is leading a new European debt advisory franchise at Alvarez & Marsal.

    • 20 Jan 2020
  • United preps bond financing package for Vivacom takeover

    Southern Eastern European telecoms group United Group, a BC Partners and KKR portfolio company, is preparing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.

    • 20 Jan 2020
  • Nomura hires Acaia to cover consumer and retail sectors

    Marco Acaia has joined Nomura as a managing director in the consumer and retail coverage team.

    • 20 Jan 2020
  • Europe's CPI scores Singapore dollar bond

    European real estate company CPI Property Group turned to investors in the Lion City last Friday for its first Singapore dollar bond.

    • 20 Jan 2020
  • Medco Energi, Bayan Resources power up dollar bonds

    Indonesia's Medco Energi Internasional and Bayan Resources raised more than $1bn between them from ultra-tight bonds on Thursday.

    • 17 Jan 2020
  • Bonds news in brief: Evergrande, ZhengTong Auto, LGFVs raise funds

    Four Chinese borrowers hit the dollar bond market on Thursday, competing with supply from India, Indonesia and the Philippines.

    • 17 Jan 2020
  • Jollibee's serves 'blowout' inaugural bond

    Jollibee Foods Corp, the owner of the eponymous fast food chain, wowed investors on Thursday with a debut $600m bond that beat the Philippine company’s targets.

    • 17 Jan 2020
  • Lalitpur Power’s bond plan fizzles out

    India’s Lalitpur Power Generation Company has postponed its attempted debut dollar bond after opening bookbuilding on Thursday, according to a source close to the situation.

    • 17 Jan 2020
  • Ineos Styrolution launches €1.2bn divi and refi deal

    UK chemicals giant Ineos’s German styrenics subsidiary is marketing €500m of senior secured notes and a €680m equivalent term loan B, with an intention to issue a €300m dividend to its parent company, controlled by billionaire Jim Ratcliffe. The remaining proceeds will be used for refinancing all of its term loans and some of the upcoming investments.

    • 16 Jan 2020
  • Palmieri shakes up corp finance at SG

    Société Générale has redoubled its commitment to equity capital markets under a new structure designed to ensure it remains a force in investment banking when consolidation comes, writes David Rothnie.

    • 16 Jan 2020
  • Future Retail rides on Amazon tie-up for bond debut

    Future Retail’s inaugural dollar bond raised the curtain for India’s retail shopping sector, as the company leveraged on its new partnership with e-commerce giant Amazon to raise $500m. But while the industry appeals to investors, issuance pipeline from the country remains thin, writes Morgan Davis.

    • 16 Jan 2020
  • Property companies build on bond momentum

    Three Chinese real estate companies raised $850m between them from the dollar debt market on Wednesday.

    • 16 Jan 2020
  • CyrusOne brings spread in by 35bp during execution

    Crossover credit CyrusOne, a US real estate investment trust, headed to the euro bond market for a seven year trade on Wednesday. It got chunky demand and tightened its spread by 35bp during execution.

    • 15 Jan 2020
  • Lippo Karawaci reprices secondary curve with new notes

    Indonesian real estate developer Lippo Karawaci played to investors' need for diversification away from China, when it raised $325m from a 2025 bond sale.

    • 15 Jan 2020
  • Future Retail raises curtain for Indian retail companies

    Future Retail threw open the door for India's retail shopping sector on Tuesday with its $500m debut bond, getting a solid book of $3bn for the transaction.

    • 15 Jan 2020
  • Bond flurry continues but Vietnamese bank falls short

    The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line.

    • 15 Jan 2020
  • SMC rides on strong market for $600m perp

    SMC Global Power Holdings Corp took advantage of an exceptionally bullish credit market, getting a peak order book of around $5bn for a $600m deal.

    • 15 Jan 2020
  • Greater China issuers flood market with dollar bonds

    Seven borrowers from Greater China raised about $2bn from new dollar bonds on Monday, while Hong Kong's Cathay Pacific tapped the Singapore dollar market.

    • 14 Jan 2020
  • Salini’s €250m exchange deal expected to turn pricey

    Italian construction giant Salini Impregilo offered to exchange its 3.75% notes, due in 2021, to new non-call life senior notes, maturing in seven years. The €250m deal is set to be completed by Friday this week with initial price thoughts of 3.875% — indicating that Salini may have lost favour among investors and will have to pay extra to extend maturities.

    • 13 Jan 2020
  • Investors support Asian bond market boom

    Ten more Asian issuers rushed to the dollar bond market on Monday, further adding to the record debt issuance seen in the region last week.

    • 13 Jan 2020
  • Shriram's social bond gets stellar US support

    Shriram Transport Finance Co appealed to investors in the US by selling a social bond that flew off the shelves, allowing the Indian non-banking financial company to raise $500m.

    • 10 Jan 2020
  • AEV debuts after intense price discovery

    Price discovery was in focus for a $400m debut bond from Philippine conglomerate Aboitiz Equity Ventures (AEV) on Thursday, as the unrated company brought out a rare 10 non-call five year senior deal from the country.

    • 10 Jan 2020
  • Bonds news in brief: LGFVs, developers feast on dollars

    Improved market conditions and a more realistic pricing target allowed a failed deal in December from a local government financing vehicle (LGFV) to sail through this week, while two more property developers joined an offshore funding spree from the sector.

    • 10 Jan 2020
  • Aker BP flexes new muscles and targets IG buyers

    Norwegian oil exploration and production company Aker BP took advantage of its second investment grade rating, out of three, received in November, to position itself as an investment grade issuer and print a dual tranche five and 10 year deal this week.

    • 09 Jan 2020
  • Ashland hits buoyant market to move to unsecured cap stack

    Kentucky-based speciality chemicals company Ashland sold a €500m eight year non-call life unsecured high yield issue on Thursday, bringing European high yield's first proper deal of the year, as part of its efforts to clean up its capital structure and switch to an unsecured financing profile.

    • 09 Jan 2020
  • Altice International storms strong market with €2.8bn, hits lowest ever coupon

    Altice International jumped at this week’s strong market conditions, launching a €2.8bn-equivalent refinancing, hitting the lowest ever coupon level for the telecoms group and saving itself €187m in annual interest. The strong execution, with a size increase and performance in the aftermarket, shows a market wide open for other well-followed high yield names looking for a refinancing opportunity.

    • 09 Jan 2020
  • People moves in brief

    Funding Circle picks up former securitization syndicator — Campbell moves from HSBC to RBC — Long-time DCM banker turns up at Aramco

    • 09 Jan 2020
  • LeasePlan holding company taps to take out sub notes

    Lincoln Financing, the holding company of LeasePlan, hass tapped its senior secured 2024s for an extra €500m, looking to pay down payment-in-kind notes and fund its interest reserve. The deal follows last year’s €1.35bn issue, which paid down debt incurred when a sponsor consortium bought the company in 2016.

    • 09 Jan 2020
  • RBC looks to profit amid European blues

    RBC Capital Markets is beefing up financial sponsors, aiming to boost its European business during 2020, writes David Rothnie.

    • 09 Jan 2020
  • Cellnex gets blowout bid for €450m

    Crossover credit Cellnex, the Spanish mobile phone mast owner, offered investment grade bond investors the chance to pick up some spread on Thursday, while unrated Air France-KLM waits in the wings.

    • 09 Jan 2020
  • Anglo American rescues Sirius Minerals after high yield failure

    Shares in Sirius Minerals, the UK firm that is battling to build a mine for polyhalite fertiliser beneath the North York Moors, rallied significantly on Wednesday after the company said it was in advanced takeover discussions with Anglo American.

    • 09 Jan 2020
  • Chinese property issuers fuel record January bond supply

    Chinese real estate issuers dominated the dollar bond market this week, with 16 developers pricing deals by Wednesday. Ample liquidity and a risk-on sentiment allowed most issuers to go long and cheap, but the mid-week volatility in the global market proved costly to some companies, writes Addison Gong.

    • 09 Jan 2020
  • RBC poaches from HSBC for levfin

    RBC Capital Markets has continued the development of its leveraged finance business by hiring Craig Campbell from HSBC.

    • 08 Jan 2020
  • Altice International jumps in with dual currency refi

    Altice has announced a refinancing for its units in Portugal, Israel and Domican Republic, targeting €2.75bn-equivalent of new senior secured bonds across euros and dollars in five year non-call two and eight year non-call three format.

    • 08 Jan 2020
  • Chinese property issuers continue dollar bond onslaught

    Seven Chinese real estate issuers followed five of their peers to the offshore debt market on Tuesday, marking the busiest start to the year for the Asian bond market.

    • 08 Jan 2020
  • Specialty chemicals firm Ashland targets unsecured cap stack with refi

    Kentucky-based specialty chemicals company Ashland is marketing a €500m eight year non-call unsecured high yield issue, the first proper deal of the year in European high yield, as part of its efforts to clean up its capital structure and switch to an unsecured financing profile.

    • 07 Jan 2020