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

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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