Europe HY breaks record, deals still coming

23 Nov 2012

The pipeline of high yield bond issues in Europe continues to swell, as only four weeks remain in which to issue before Christmas. Two transactions were sold this week, despite reduced US investor attention due to Thursday’s Thanksgiving holiday.

Polish speciality chemicals company Ciech raised €245m in a seven year high yield debut on Wednesday (see below), while private equity firm Terra Firma sold a £550m 10 year payment-in-kind bond to part finance its takeover of Annington (see front page).Including the two transactions, European high yield has ...

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