Webuild and United spot window for opportunistic HY taps

By Owen Sanderson
21 Jan 2021

Two issuers spotted a window on Thursday for opportunistic high yield issues, as the Crossover index had tightened 9bp on Wednesday and there was a firm tone in other risk assets. Italian construction group Webuild launched a €150m tap of its 2025 note, launched in December, while Balkan telco United Group reopened its 2027s for €100m.

The United Group deal underlined the attractiveness of the window. The tap was increased to €150m during bookbuilding, while the offer price was raised from starting levels of 99 to 99.25. It was priced at 99.375, still leaving some premium for investors, as bonds had traded at 99.875 ...

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