Neiman Marcus debt dented by PetSmart-style move

US department store Neiman Marcus’s unsecured bonds and term loan have dipped in trading this week after the company said it was moving its fastest growing online business, MyTheresa, out of the reach of lenders.

  • By David Bell
  • 20 Sep 2018

The move is similar to those undertaken by other high yield borrowers such as J.Crew and PetSmart more recently, which move collateral in unrestricted subsidiaries out of the reach of bond and loan investors.

MyTheresa is an online retailer for women’s luxury fashion founded in Munich in ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 19,103.54 89 7.62%
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3 Deutsche Bank 15,679.29 58 6.25%
4 Credit Agricole CIB 14,083.69 66 5.62%
5 Goldman Sachs 13,902.00 61 5.54%

Bookrunners of European HY Bonds

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1 Goldman Sachs 5,527.11 43 7.81%
2 BNP Paribas 4,918.81 57 6.95%
3 Deutsche Bank 4,372.15 44 6.18%
4 JPMorgan 3,977.60 45 5.62%
5 Credit Suisse 3,757.05 40 5.31%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 19,901.51 153 10.02%
2 Goldman Sachs 14,830.49 106 7.47%
3 Credit Suisse 13,745.94 98 6.92%
4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%