Debuts still scarce but Novem steps up

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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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