High yield bonds for Findus, Ineos on the way

High yield issuance has picked up a little this year and investors are now waiting for a punchy deal to come to market. Findus, the frozen foods company that was restructured in 2012, may break the ice.

  • By Stefanie Linhardt
  • 24 Jan 2014

The UK company is said to be planning a payment-in-kind bond to finance a £200m dividend to its shareholders Highbridge Capital, JP Morgan and Lion Capital.

According to a banker away from the deal, 2.2 turns of leverage would be added for the deal, bringing total leverage to ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

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1 Citi 118,826.70 342 11.07%
2 Bank of America Merrill Lynch 94,721.79 272 8.82%
3 JPMorgan 92,878.89 270 8.65%
4 Wells Fargo Securities 82,807.12 240 7.71%
5 Credit Suisse 70,475.74 184 6.57%