Dufry boosts size of HY comeback bond

By Owen Sanderson
15 Apr 2021

Duty-free operator Dufry joined the throng of issuers in the high yield primary markets this week with its first straight offering since the coronavirus pandemic hit. It increased the offering size from €850m to €1bn, as investors pinned their hopes on the vaccine-inspired recovery in the travel industry.

The bond comes after extensive efforts to shore up the company’s capital, including the early conversion of a crisis era convertible and talks with lenders for more covenant waivers.

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