Apax reveals Takko’s CCC refinancing to fearless HY

By Victor Jimenez
24 Oct 2017

A new bond refinancing deal for German fashion company Takko will provide a welcome boost to triple-C bond volumes, although it is not clear whether the deal will pave the way for a wave of risky credits to return to the high yield market, bankers said.

Year to date high yield bond volumes in European currencies have cheered bankers’ spirits. New high yield bond sales have reached €74bn, some €24bn more than last year for the same period, according to JP Morgan data.

But at the weaker end of the credit spectrum, issuance has ...

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