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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
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1 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

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1 Citi 12,356.92 41 13.22%
2 Bank of America Merrill Lynch 10,716.42 32 11.47%
3 Barclays 8,716.58 27 9.33%
4 JPMorgan 7,774.38 29 8.32%
5 Wells Fargo Securities 7,444.83 29 7.97%