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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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Virgin Media’s £2.3bn-equivalent of bonds in sterling and dollars to finance its planned acquisition by Liberty Global has been accelerated. The bookrunners have released guidance and are planning to price the bonds today — a day earlier than planned.
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Labco, the French laboratories company, has tapped its 8.5% 2018 notes for €100m on Wednesday. The add-on to its senior secured notes was priced at 103 to yield 7.753%.
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Virgin Media is back in the high yield market — with the largest transaction since Wind’s €2.71bn equivalent of notes in November 2010. The £2.3bn equivalent (€2.67bn) of high yield bonds will support the takeover bid for the company by Liberty Global, announced on Tuesday evening US time.
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German DIY retailer Hornbach could sell its €250m of seven year bonds as early as Thursday, after bankers gathered investor feedback after a roadshow.
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German forklift truck maker Kion has introduced a floating rate note into its bond offering. It now plans to raise €500m instead of the initially planned €350m of high yield bonds.
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Crédit Agricole CIB has made two appointments to its high yield team. Leo Wouters and Samantha Nodel have joined the company’s high yield capital market and high yield sales teams, respectively.