Debuts still scarce but Novem steps up

By Owen Sanderson
22 May 2019

Genuinely new corporate high yield issuers have been vanishingly rare in 2019, but German car interiors maker Novem is bucking the trend with the €375m first time dividend issue it has been marketing this week.

Almost all high yield deals in Europe so far have been refinancings from established issuers — from the BB-rated corporates like Nokia and ThyssenKrupp to the CCC- rated holding company bonds from Altice. The only new issuers have been those with LBOs too large to print entirely in ...

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