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Disruptive US economic policy has not yet dented credit appetite
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A total of Eu1.8bn across four new issues this week underlined the strength of investors’ appetite for European high yield debt and carried the sector to a near 40% increase over the same period last year.
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The long rally in high yield debt evaporated for Gala Coral this week as both the secured and unsecured tranches of the UK betting company’s £625m restructured bond traded down even after pricing outside guidance.
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Price talk in the 7.75% to 8% area was released on Thursday morning for Xella International’s Eu300m senior secured high yield bond. Books were set to close in mid-afternoon, with pricing to follow later in the day, according to a banker close to the deal.
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British gambling company Gala Coral placed its reduced £625m bond offering outside price guidance on Monday.
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With four deals being marketed in European high yield this week, the primary market still lacks its strong pre-Easter momentum and several bankers do not expect to see another 12-deal week for a while.