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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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Swissport sold a Sfr750m-equivalent ($795m) bond on Monday to back its PAI-sponsored buy-out in a deal that showcased the strength of demand in the European high yield market.
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BNP Paribas has hired Stan Hartman as a high yield syndicate manager as banks continue to build their teams in anticipation of a growth of junk bond issuance from European companies.
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Swissport and Priory Group are expected to price Europe’s first M&A-related junk bonds of the year this week, with the former set to print a Sfr750m ($785m) deal late on Monday.
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Spanish cable firm Ono priced a Eu460m-equivalent bond on Friday after a blowout response from investors, a clear sign of the strength of the bid in Europe’s high yield market.
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Activity in the high yield bond market picked up on Thursday when cable firms UPC and Ono launched deals. Anglian Water is also expected to issue a sterling junk note on Friday.
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Two imminent bond deals are set to underline the European high yield market’s new competitiveness as a source of buy-out funding. In what would rank as the market’s first supply of M&A bonds this year, both Swissport and Priory Group are preparing new issues.