Covenants killed Salt Sfr2bn deal, despite recovering euro HY

Swiss telecommunications group Salt Mobile was this week looking to replace most of its debt capital structure with Sfr2.085bn-equivalent (€1.8bn) of new bonds that have weaker covenants, as the high yield market overcomes a recent bout of eurozone volatility.

  • By Victor Jimenez
  • 05 Jun 2018

Salt began a roadshow in London for a four tranche bond in three currencies on Tuesday, but postponed the deal on Friday morning. Several market sources blamed the bonds' covenant package, which was deemed to be "aggressive" and "off-market".

"I'd say some people are behaving in the most aggressive ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 3,736.52 21 7.15%
2 Credit Agricole CIB 3,101.01 16 5.93%
3 Goldman Sachs 3,092.70 16 5.92%
4 BNP Paribas 2,926.68 24 5.60%
5 Citi 2,758.74 10 5.28%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,849.41 16 9.19%
2 Citi 2,449.34 16 7.90%
3 JPMorgan 2,260.62 16 7.29%
4 BNP Paribas 2,167.79 20 6.99%
5 Goldman Sachs 1,890.62 15 6.10%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,495.10 96 10.02%
2 Citi 11,803.94 91 9.47%
3 Bank of America Merrill Lynch 8,842.75 73 7.09%
4 Goldman Sachs 8,683.82 62 6.96%
5 Morgan Stanley 7,624.77 56 6.11%