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With South Korea and the Philippines heading to euros for new bond transactions, more issuers from Asia should take courage and consider funding in the needlessly neglected currency. -
Altice, the international telecoms group led by Patrick Drahi, has set final terms for its jumbo high yield bond issue for its holding company, worth €2.8bn. It paid up compared with its curve to issue, but managed to place the second largest triple-C tranche ever issued in euros, a source said.
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Indonesia’s Medco Energi Internasional wrapped up a $650m bond outing on Thursday, closing off an acquisition financing exercise linked to a bridge loan from earlier in the year.
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Energy services group Serba Dinamik Holdings raised $300m from a three year wakala sukuk on Thursday, before watching the bond quickly trade up in the secondary market.
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The high costs of bidding for the next generation of mobile technology is pushing telecoms firms, many of which operate with leveraged capital structures, to sharpen their balance sheets through asset sales and paying down debt. Mobile moguls like Patrice Drahi, Xavier Niel and John Malone are all taking steps to optimise their empires. Owen Sanderson reports.
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William Hill’s £350m seven year high yield deal last week grabbed an opportunity opened up by the extension to the Brexit deadline, according to group treasurer Mark Hirst, supplying a sterling market that has seen sparse issuance so far this year. But the constrained supply in the market meant the company’s attempt to buy back its 2020s at 103 attracted limited investor interest.
