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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5 Goldman Sachs 59,388.99 229 4.13%

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5 HSBC 11,205.29 61 5.42%

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1 BNP Paribas 3,863.89 45 7.25%
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Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 15,833.26 127 9.86%
2 Citi 11,539.69 98 7.19%
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5 Barclays 10,908.60 83 6.79%

Bookrunners of European Corporate IG Bonds

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1 HSBC 20,417.95 85 6.41%
2 BNP Paribas 19,882.59 80 6.25%
3 Barclays 18,647.73 58 5.86%
4 Deutsche Bank 17,562.97 71 5.52%
5 Citi 17,352.89 69 5.45%