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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
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European high yield issuers rarely use private placements, unlike their US cousins. But 1st Credit, a buyer of UK defaulted consumer debt, did just that for its debut bond — a £100m secured seven year non-call three.
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Bakkavor, a producer of fresh and prepared foods, was hit by a rapidly deteriorating high yield market on Thursday, forcing it to price its £150m bond at the wide end of widened guidance.
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Barry Callebaut, the Swiss-based chocolate company, is planning to raise $600m of 10 year bonds, having recently been downgraded to speculative grade. It wants to part-finance its acquisition of Petra Foods’ cocoa ingredients business.
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Swedish installation services company Bravida has sold its €375m debut high yield bond to strip its debt of maintenance covenants. The financing in euros and Swedish krona was entirely sold in floating rate notes, which are being dubbed "cov-lite loans" by many leveraged finance participants.
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Vranken-Pommery Monopole, the French champagne house, sold its first bond on Monday, turning to the Belgian retail market, which has a track record of enthusiasm for modestly sized, unrated bonds from companies with well-known brands. France lacks an equivalent retail bond market. But a banker at lead manager KBC Bank said the family that owned the company also had Belgian origins, and that KBC was one of the company’s house banks.
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Bakkavor, a producer of fresh and prepared foods, has widened guidance on its £150m high yield bond by 75bp to 8.75%-9% and plans to price it today. Credit markets were again weaker on Thursday, which made some investors think the bond should come on Friday.