HY investors take on tougher credits

By Owen Sanderson
09 Jul 2020

High yield bond issuance is coming thick and fast in Europe, with primary supply not limited to straightforward Covid-proof credits, but also coming from highly levered firms feeling the pinch of the pandemic restrictions.

Deals for aftermarket auto parts supplier Autodis and ATM provider Diebold Nixdorf underline the trend. Autodis’s business is less stretched than the OEM suppliers, confronting slow sales of new vehicles, but it’s still seen as cyclical, while cash usage has plunged in the coronavirus crisis as shops opt ...

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