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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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Pendragon, the UK car dealer, released price guidance in the 7%-7.25% area for its £175m debut high yield bond this morning, and later tightened it to 6.875% to 7%.
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Médi-Partenaires, the French private hospital group, wants to raise €385m of senior secured bonds in its debut high yield transaction. The company plans to use the proceeds to refinance debt and shareholder loans.
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Schaeffler, the German ball bearing maker, sold its €1.25bn-equivalent senior secured bond on Tuesday, pricing the $850m of 2021 notes and €600m of 2018s at the tight end of talk.
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Wendel raised €300m by tapping two of its bonds on Wednesday. The BB+ rated French holding company that owns 17% of Saint-Gobain and half of Bureau Veritas, tapped its €300m 2018 notes for €200m and its €300m 2019s for €100m.
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Schaeffler has boosted its high yield bond offering from €1bn in euros and dollars to €1.25bn. The German ball bearing maker was set to sell some €600m and $850m of notes on Tuesday.
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Pendragon, the UK car dealer, has begun a three day roadshow with Royal Bank of Scotland, Barclays and Lloyds Bank, as it seeks to raise £175m of seven year high yield bonds.