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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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Eircom, the Irish telecoms company, hopes to sell €310m of senior secured high yield bonds rated Caa1/B next week, its first issue after €1.7bn of its debt was wiped out in a default and restructuring in June 2012.
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Hellenic Petroleum has sold the first high yield bond from a Greek debut issuer since the sovereign crisis. The €500m four year transaction came inside guidance on Monday and has since traded up.
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Ista, the German metering business, launched the high yield bond portion to finance its takeover by CVC on Friday. The deal announcement pushed the number of marketed deals in the European high yield market this week to 18.
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Klöckner Pentaplast sold its twice-increased PIK toggle notes a day early on Wednesday. The German maker of plastic film and packaging priced €225m of the high yield bonds on May Day instead of the initially planned €150m.
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Three deals were priced in Europe’s high yield market on Wednesday, despite most investors in continental Europe being away from their desks for the May Day bank holiday.
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Médi-Partenaires accelerated its €385m senior secured bond to price the notes on Monday. The French private hospital group’s debut high yield bond, which came a day early, was trading well in the secondary market.