Biogroup bond debut shines in unsecured

By Owen Sanderson
28 Jan 2021

Biogroup’s debut in the high yield bond market has become one of the tightest ever triple-C rated issues, validating the former loan-only company’s decision to turn to public markets to add subordination to the refinancing of its capital structure.

Talk on the Caa1/CCC/CCC+ rated €250m unsecured tranche started in the mid-5% for the eight year non-call three issue, revised to 5%-5.25% on Wednesday afternoon, and pricing landed at the tight end on Thursday.

“Right now the public markets are providing very attractive financing rates for unsecured ...

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