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After the record issuance of Eu7.2bn worth of European high yield bonds seen in March and April’s flurry of small deals, even the busy sub-investment grade market slowed down for the holiday season.
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Spanish industrial waste manager Befesa Zinc is the first high yield company to announce plans to raise funds in the weeks following Easter — which are expected to be busy.
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After March’s record issuance of Eu7.2bn worth of European high yield bonds and April’s influx of small deals over the past few weeks, even the busy sub-investment grade market has slowed down between the holidays. The last European deal still in the market before Easter, Consolidated Minerals’ $405m (Eu278m) five year bond, priced last Thursday in line with 9% yield guidance.
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With activity refusing to let up just days from the long Easter holiday period, European high yield has been buzzing with small first time issuers coming to the market. For this type of borrower, the booming high yield bond market is proving to be a godsend in a climate where loan financing is harder and harder to obtain.