Hungry HY living off junk food diet

Petrol Station
By Owen Sanderson
25 Apr 2019

The European high yield market is experiencing a post-Easter resurrection, with six new issues announced after the London market returned to work on Tuesday. While some of these trades were the lower-rated acquisition bonds investors having been crying out for, the bond market is still largely stuck with deals too long, too tight, too risky or too large for first lien loans.

EG Group and Telepizza announced buyout bonds on Tuesday, deals which the market has been anticipating for months, to fund acquisitions first announced last year.

But loans still look more attractive for the most straightforward credits — it’s only the special circumstances of the two trades that have ...

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