Bankers defend structure of Pregis HY bond

Pregis, the US packaging company, issued a Eu125m senior secured note on Thursday that divided bankers over the merits of its structure. The 2013 bond pays 500bp over Libor and was issued at 94%.

  • 25 Sep 2009

Investors raised questions about the structure of the bond at the breakfast meeting on Thursday morning. Some believed it could mark a return to more aggressive structures and expressed concern about this so early in the high yield bond market’s recovery.

"It’s not a very investor-friendly structure," said a ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 30,388.71 99 8.62%
2 BNP Paribas 22,463.54 135 6.38%
3 Deutsche Bank 17,970.47 100 5.10%
4 Goldman Sachs 17,954.81 74 5.10%
5 HSBC 16,143.35 101 4.58%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 327.97 2 10.84%
2 JPMorgan 315.65 2 10.43%
2 Goldman Sachs 315.65 2 10.43%
4 Citi 266.00 2 8.79%
5 Bank of America Merrill Lynch 226.61 2 7.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,293.38 10 8.77%
2 JPMorgan 1,266.62 11 8.59%
3 Bank of America Merrill Lynch 1,194.99 11 8.10%
4 Morgan Stanley 1,164.20 9 7.89%
5 Wells Fargo Securities 1,039.86 9 7.05%