High Yield

  • Kaisa taps for $200m

    Kaisa taps for $200m

    Kaisa Group Holdings paid a new issue concession of about 10bp for a $200m tap of one of its existing deals, appealing to investors amid recent pressure on Chinese bonds in the secondary market.

  • Germany, Belgium join battle over Taxonomy credibility as it goes to wire

    Germany, Belgium join battle over Taxonomy credibility as it goes to wire

    Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. Battlelines are now being drawn over the timing.

  • No let-up in blistering primary levfin pace

    No let-up in blistering primary levfin pace

    Last week’s heavy levfin supply hasn’t produced a pause for digestion, with five new high yield bonds on Monday joining two announced on Friday for execution this week, despite some recent supply trading down in secondary.

  • Dufry boosts size of HY comeback bond

    Dufry boosts size of HY comeback bond

    Duty-free operator Dufry joined the throng of issuers in the high yield primary markets this week with its first straight offering since the coronavirus pandemic hit. It increased the offering size from €850m to €1bn, as investors pinned their hopes on the vaccine-inspired recovery in the travel industry.

  • Pfleiderer sucks up docs change for better pricing

    Pfleiderer sucks up docs change for better pricing

    Pfleiderer and its owner, Strategic Value Partners, have minor changes during syndication to the deal docs in its dual-tranche sustainability-linked high yield bond, limiting the group’s flexibility to pay out sale proceeds from its Polish division as a dividend. But the company has succeeded in pushing pricing tight, with the fixed rate bonds set to land at 4.75% area and the floater at 475bp.

  • GlobalCapital Bond Awards: voting extended

    GlobalCapital Bond Awards: voting extended

    GlobalCapital is conducting its annual poll to determine its Bond Awards 2021. The voting deadline has been extended until April 22, so we invite readers who have not voted yet to do so in the coming week.

  • Dufry joins primary rush with comeback bond

    Dufry joins primary rush with comeback bond

    Duty-free operator Dufry has joined the throng of issuers in the high yield primary markets with its first straight offering since the coronavirus pandemic hit. The new bond comes after extensive efforts to shore up the company’s capital, including the early conversion of a crisis era convert and talks with lenders for more covenant waivers.

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