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Fluvius, Kojamo and Affinity Water hold investor calls
Sandwich chain joins host of ABS issuers
There is no crock of equity gold at the end of the rainbow
Partner has joined Clifford Chance from the newly merged rival magic circle law firm
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Companies across Europe have expressed concern about a major overhaul of Standard & Poor’s rating criteria, which could introduce a harsher treatment for cash they hold on balance sheet, writes Jon Hay. -
In a move that could jeopardise the European Central Bank’s holdings of some asset backed securities by removing their investment grade status, Standard & Poor’s is preparing to downgrade the majority of Italian, Spanish and Portuguese securitisations by at least two notches.
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KKR has emerged as the winner in the sale of Serbia BroadBand. The private equity firm announced the acquisition on Tuesday, which should mean another LBO financing in the high yield bond market.
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German-Swiss steel company Schmolz+Bickenbach has launched a change of control put offer to holders of its €258m high yield bond.
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Hastings Insurance Group raised £415m through high yield bonds on Monday to finance the takeover of 50% of its business by Goldman Sachs’s Merchant Banking division. Bankers claimed the deal was the first European insurance LBO to be financed in the high yield market.
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The high yield market is red hot for payment-in-kind toggle bonds, as Befesa underlined again this week. The triple-C rated dividend bond for the Spanish waste management and recycling group sent year to date European PIK toggle issuance to 14 deals worth €4.3bn.
