High yield wakes up as Sappi and Faurecia launch

Sappi sign in US from Alamy 230x150
By Jon Hay
11 Mar 2019

High yield bond issuance in Europe is perking up, with several deals being marketed or just about to be launched. Beginning its roadshow on Monday was Sappi, the South African paper company, which wants to issue €450m to replace an older bond; starting on Tuesday is French car parts group Faurecia, seeking €500m.

“We have been undersupplied in Europe, and with conditions clearly improving, people are finishing their year end reporting, and seeing where some of the double-Bs have been printing in the last couple of weeks is encouraging people to press the accelerator button,” said the head of high yield ...

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