HY investors gobble up Quick’s unsecured FRN in yield craving

Quick burger - for GC web
By Stefanie Linhardt
03 Apr 2014

In a high yield market with strong pressure on prices, investors are becoming more willing to buy unconventional risk, as shown by Quick’s debut bond issue this week. The Belgian hamburger restaurant chain sold a rare unsecured floating rate note as part of its €595m transaction.

Floating rate notes are the darlings of private equity sponsors but often less liked by investors because of a short call-protection. Issuers can traditionally call their FRNs after just one year, giving the company and its owners more flexibility, while making it harder for investors trying to predict ...

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