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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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German car parts maker Stabilus sold its €315m high yield debut bond on Friday, in line with guidance at 7.75%. The notes were trading down slightly on Monday, in line with the market, according to a banker away from the deal.
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William Hill, the UK bookmaker, sold its £375m bond at a tight yield on Friday. The unsecured June 2020 notes were priced in line with guidance with a 4.25% coupon at par. They were trading slightly higher on Monday.
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Elis, the French workwear rental business 82.5% owned by Eurazeo, is seeking to sell the senior secured bond for which it sought lenders’ approval last week. The €450m of senior secured notes were announced on Tuesday.
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InterGen, the US-headquartered power generator, has met European investors to market $800m-equivalent of high yield bonds in sterling and dollars. The senior secured notes are coming alongside a $700m equity injection and $500m of new loans.
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Stabilus, a German maker of car parts, is looking to sell a €315m debut high yield bond to repay its loans and pay a dividend to shareholder Triton. Bookrunner JP Morgan and co-managers Commerzbank and UBS are planning to release guidance and price the bond on Friday.
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Sterling high yield issuance is the new fad in the European high yield market, writes Stefanie Linhardt. Issuance so far this year has already exceeded the annual record, set in 2011, and plenty more deals are to come — some of them imminently.