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◆ US drugs firm pays single digit NIP ◆ Friday deals growing more common ◆ Issuer moves ahead of anticipated quiet week
French company diversifies funding after inaugural dollar deal last year
Issuers rewarded with tight pricing
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Douglas, the highly levered beauty retailer, is finding the bond market more receptive than loans to its turnaround refinancing. It has restructured its debt package to switch €330m of secured loans to bonds. The comeback deal appears still on track, though the PIK notes are being marketed at a punchy 9% yield. -
Verbund, the Austrian electricity company, became the first European issuer to sell a green sustainability-linked bond on Wednesday. The highly rated issuer printed 20 year debt at a razor-thin spread.
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Europe’s high grade bond market continued to pump out deals on Wednesday, with Vantage Towers raising three tranches of debt after its IPO and Japan’s Nidec selling a green trade.
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German optics maker Jenoptik has sold €400m-equivalent worth of sustainability-linked Schuldscheine, with around 250 investors participating in the euro and dollar deal.
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China SCE Group Holdings managed to raise $300m from a narrow issuance window on Tuesday, just as sentiment started to sour around the country’s high yield property bond market.
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GLP China Holdings received a stronger reception than expected for its bond outing this week, allowing the logistics company to raise $700m with a small premium.
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