Telenet drops loan plan as European HY investors take €700m

Investors are showing no signs of tempering their demand for strong credits in the high yield market. Belgium’s Telenet was able this week to increase a European bond by €200m, leaving it with no need to tap the US loan or bond markets.

  • 17 Aug 2012

The deal came at a cost, however. Proceeds are to be used to fund a share buyback, and the company duly suffered a downgrade in response to the resulting rise in its leverage ratio.

Instead of an initial target of €500m of 10 year non call five notes, Telenet ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 9,448.94 38 8.75%
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4 Goldman Sachs 5,888.64 23 5.45%
5 Barclays 5,603.96 21 5.19%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 Citi 1,932.38 9 9.46%
2 UniCredit 1,348.77 9 6.61%
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4 JPMorgan 1,150.79 5 5.64%
5 Bank of America Merrill Lynch 1,125.97 7 5.51%

Bookrunners of European HY Bonds

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1 JPMorgan 200.50 2 12.59%
1 Deutsche Bank 200.50 2 12.59%
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3 Mediobanca 113.00 1 7.09%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 544.58 5 11.06%
2 JPMorgan 482.08 5 9.79%
3 Wells Fargo Securities 374.58 3 7.61%
3 Goldman Sachs 374.58 3 7.61%
5 SunTrust Robinson Humphrey Inc 366.66 4 7.45%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 3,324.67 8 9.67%
2 Barclays 2,536.07 5 7.38%
3 JPMorgan 2,444.85 4 7.11%
4 Bank of America Merrill Lynch 2,436.88 6 7.09%
5 MUFG 2,123.57 3 6.18%