High Yield

  • Barclays’ hires Panmure Gordon’s ex-IB head

    Barclays’ hires Panmure Gordon’s ex-IB head

    John Muncey has joined Barclays as vice-chairman of its consumer retail group (CRG) in Europe and the Middle East, while Jamshed Kakalia has been promoted to lead the consumer business in that team.

  • Wuhan Dangdai returns with tap

    Wuhan Dangdai returns with tap

    Wuhan Dangdai Science & Technology Industries (Group) Co chose a quiet Friday for deal flow to raise $200.5m from a tap.

  • Hilong’s exchange offer fails to avoid default

    Hilong’s exchange offer fails to avoid default

    A long-running attempt by Chinese oil company Hilong Holding to complete an exchange offer on a dollar bond has failed, after it confirmed a default this week. The situation has caused analysts to speculate on how it could have executed its deal better. Alice Huang reports.

  • AMS pays up after investigation news trips up takeout

    AMS pays up after investigation news trips up takeout

    AMS had to discount its bond by an extra point and pay a higher coupon in the face of lower demand as it looked to fund the takeover of light maker Osram, after news broke last Thursday of a potential investigation into the company’s executives. That forced bookrunners to reopen the deal and take another swing at the market this week.

  • Retailer launches refi with billionaire brothers’ backing

    Retailer launches refi with billionaire brothers’ backing

    UK discount chain B&M Value Retail has launched a £350m senior secured bond and a £300m term loan to refinance its whole capital structure — with help from the Arora brothers, the largest shareholders in the company, who will subscribe for £100m of the bond through their vehicle SSA Investments.

  • Fiat Chrysler continues funding drive with €3.5bn bond

    Fiat Chrysler continues funding drive with €3.5bn bond

    Fiat Chrysler Automobiles, the Italian-American crossover-rated car company, launched €3.5bn of bonds into the market on Tuesday, days after its Italian arm had agreed €6.3bn of bailout funds guaranteed by Italy.

  • Styrolution bonds dip as market mulls cost of BP acquisition

    Styrolution bonds dip as market mulls cost of BP acquisition

    BP’s announcement that it was selling $5bn of assets to Ineos — a sale the already leveraged group will fund largely through new debt — put selling pressure on existing Ineos debt on Monday; particularly that issued by its Styrolution unit, which will be the acquirer in the BP deal.

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