Abengoa heralds fresh wave of HY issues
Abengoa, an unrated Spanish engineering and alternative energy group, printed its second high yield new issue on Tuesday. The borrower, which made its debut last November, this time trumped expectations when its six year deal was increased to Eu500m from Eu300m. The new transaction is likely to be the first in a fresh wave of new issues to hit Europe this week, with UK clothing store Matalan set to follow, while bankrupt US chemical firm LyondellBasell’s bumper $2.75bn offering will have a euro component. Read EuroWeek on Friday for the latest on these deals.
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