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Floating rate notes returned to Europe’s high yield market with a vengeance this week, as the prospect of an earlier than expected rise in Eurozone interest rates began to make its impact felt in deal structures. Germany’s Grohe issued a blowout Eu500m bond that bankers said could open the floodgates for more such deals.
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Borrowers piled into Europe’s high yield bond market this week following the end of the results season.
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Private equity firms discovered a new source of financing for their Asian leveraged buyouts this week, after Hyva International revealed plans for a $375m bond to finance its acquisition by Unitas Capital and NWS Holdings — and put a loan already in senior syndication on ice.
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The ending of the earnings blackout period continued to drive borrowers into Europe’s high yield market on Thursday, as debut issuer Moto Finance and Spain’s Obrascon Huarte Lain lined up deals.
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Grohe issued a Eu500m junk bond on Tuesday afternoon — the first senior secured floating rate note in the European high yield market since 2007. The kitchen and bathroom furnisher initially targeted Eu400m, to fund a tender of that size for its Eu800m FRN due in 2014.