Smurfit Kappa bids for crossover status as HY issuance blossoms

Europe’s high yield market made a very strong start to the September issuance season, with four deals in a week, totalling €1.34bn equivalent. Several were impressive successes, including Unitymedia, the German cable operator, which sold €650m of 10 year bonds on Wednesday — €250m more than planned — and at its tightest ever coupon.