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.
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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