ConvaTec wobble ends blistering HY year

A $1.87bn-equivalent deal from ConvaTec Healthcare this week was to have put the seal on a blistering 2010 for the European high yield bond market. But with the deal structure being revised as EuroWeek went to press, including a reduction in the euro tranches of the deal and an increase in the loan at the expense of the bond, the issue was instead a reminder that there remain limits to what can be achieved.