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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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Jaguar Land Rover, a UK car manufacturer, is expected to wrap up a £1bn-equivalent sterling and dollar bond issue on Wednesday. Price talk for the three tranches was released in the morning, with the seven year dollar piece likely to yield 8% and the seven year pound and ten year dollar tranches guided in the 8.25%-8.5% area.
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European high yield remains busy in the second week in May, with five deals still roadshowing. Among them, Terra Firma’s Odeon/UCI cinema group plans to raise a £475m-equivalent senior secured seven year bond alongside a new six year super senior revolver to refinance debt.
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Ardagh Group wants to raise an equivalent of Eu395m in euro and dollar secured PIK notes to repay its 2015 PIK notes and to return money to shareholders. The Luxembourg-based packaging company plans to issue two tranches, provisionally rated Caa1, with sizes of Eu185m and $300m. The notes will mature in 2018.
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Refresco’s Eu660m seven year senior secured high yield notes priced at par inside guidance on Wednesday, with the Eu360m fixed rate tranche at 7.375% and the Eu300m FRN at three month Euribor plus 400bp.
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Heckler & Koch, a German maker of small firearms, sold a Eu295m seven year bond in line with yield guidance of 9.75% on Friday. The notes were priced at 98.75 with a 9.5% coupon to yield 9.75%.
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Price talk for Europcar’s Eu100m tap of its 2017 senior secured notes was released on Tuesday at 109.5-110, according to a banker close to the deal. Books were set to close at 15.00 GMT.