SGD, Afflelou cut non-calls to 1.5 yrs

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By Stefanie Linhardt
16 Apr 2014

In yet another sign of the European high yield market's bullishness, SGD Group, the French glass packaging company and a debut issuer, has priced a fixed rate bond with an unconventionally short non-call period, increased the deal and sold it inside price guidance. And SGD is not alone — Alain Afflelou, a French optician chain, is following the short call example.

Owned by Oaktree Capital Management, SGD sold a €350m five year non-call 1.5 year bond on Tuesday. The senior secured fixed rate notes were priced at par to yield 5.625%. Despite these aggressive terms, the deal was trading up on Thursday at around 101.125.

Global coordinators JP Morgan ...

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