PIK notes and triple-C credits show riskier trend in European HY

14 Apr 2011

The European high yield market this week continued its push towards more aggressive structures, taking its lead from trends already seen in the US market, with PIK notes making a return as well as increasing interest in triple-C rated credits.

But amid the frenzy of activity, Seat Pagine Gialle’s announcement that it had appointed restructuring advisers provided a timely reminder of the risks inherent in lower rated credits.

Swedish leisure products company Dometic is set to price a Eu200m PIK note on Friday. The eight year non-call three senior ...

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