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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 484.94 3 17.32%
1 BNP Paribas 484.94 3 17.32%
3 SG Corporate & Investment Banking 194.57 2 6.95%
3 HSBC 194.57 2 6.95%
5 Natixis 174.13 2 6.22%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 646.47 4 14.03%
2 Deutsche Bank 449.87 3 9.77%
3 UniCredit 362.37 2 7.87%
3 Intesa Sanpaolo SpA 362.37 2 7.87%
5 BNP Paribas 336.21 2 7.30%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 3,716.46 25 11.02%
2 JPMorgan 2,986.37 22 8.86%
3 Morgan Stanley 2,561.24 18 7.60%
4 Credit Suisse 2,420.50 16 7.18%
5 Goldman Sachs 2,387.34 18 7.08%