Thomas Cook’s bonds plunge on debt renegotiating headlines

High yield investors heavily sold Thomas Cook’s bonds after the company’s announcement that it is renegotiating the terms of its loans with its lenders.

  • 22 Nov 2011

The UK travel company’s €400m senior unsecured 2015 bond plunged to 49.35 on Tuesday, yielding 32.587%, from 84.57 (12.286% yield) on Monday. Its £300m senior unsecured 2017 notes dropped to 47.87, with a yield of 26.616%, from 74.07 and a 14.859% yield on Monday.

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4 Barclays 47,764.00 195 4.75%
5 Deutsche Bank 38,371.19 190 3.82%

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5 BNP Paribas 9,682.74 53 5.99%

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5 Goldman Sachs 1,890.62 15 6.53%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 12,395.10 95 10.16%
2 Citi 11,358.11 88 9.31%
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4 Goldman Sachs 8,483.82 60 6.95%
5 Morgan Stanley 7,524.77 55 6.17%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 10,680.43 42 5.76%
2 Citi 10,190.79 41 5.50%
3 Barclays 9,097.64 39 4.91%
4 BNP Paribas 8,968.95 50 4.84%
5 Deutsche Bank 8,508.56 48 4.59%