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Disruptive US economic policy has not yet dented credit appetite
High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
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Securitas Direct, the Swedish alarm maker, started meeting investors for a €600m high yield bond issue in London on Friday. The B2/B rated senior secured notes will replace a bridge loan, signed as part of a financing for the company’s LBO last summer.
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Schaeffler, the family-owned German ball bearing maker, launched a triumphantly successful high yield bond in euros and dollars this week that was doubled in size to €2bn. But the deal was also hailed by investors as a breakthrough, as the first senior secured issue in Europe to give holders equal voting rights with senior secured lenders.
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Italian directories company Seat Pagine Gialle released its final proposal for restructuring on Tuesday evening. Senior secured bondholders are now formally included in the negotiations, but the risk to them has deepened: Seat failed to pay their coupon on January 31.
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European high yield investors are slowly getting what they have been waiting for: some deals in euros. Four European companies have launched deals since last Friday that include euro debt.
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The US high yield market was as hot this week as it has been all year. Investors have cash to invest and are happy to buy even peripheral European names like Spain’s Grupo Corporativo Ono.