B&M solo in resting HY primary, but backstage growing busy

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By Victor Jimenez
26 Jan 2017

Although the European high yield market priced only one sterling issuer this week, some debt advisers say the pipeline is building up.

UK discount retailer B&M on Thursday printed at 4.125% its debut high yield deal, a £250m five year bond callable from 2019. It has ratings of Ba3/BB-.

Guidance was 4.25%-4.5%, which an investor in London saw as good value. But the final coupon was 87.5bp tighter than ...

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