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Unilabs has postponed its high yield bond today, because of market volatility. The Geneva-based laboratory business had already made concessions on price and structure on the €510m of senior secured bonds and €175m PIK notes yesterday, but banks today decided to put the sale on hold.
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Europe’s high yield market, which has enjoyed one of its longest unbroken runs of favourable market conditions since last September, has hit a nasty rough patch. After all the triumph over unprecedentedly low coupons and a record first half of issuance, the music has not quite stopped — but it has been turned right down.
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Unilabs has released guidance on its high yield bonds. The Geneva-based laboratory business has had to make concessions on price and structure to attract investors in the present volatile market environment.
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The leads on the €2bn German Residential Funding (GRF) multi-family CMBS have started pricing at levels wider than where the year’s other multi-family CMBS, Taurus, was priced.
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Barry Callebaut, the newly speculative grade-rated Swiss chocolate company, has released guidance for its $600m 10 year bond. The notes are talked in the 5.5%-5.75% area, with books closing tomorrow.
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European cable TV holding company Altice has launched a €1.045bn loan and high yield bond transaction to finance a series of changes in the company's structure.