JP Morgan

BMC Software has shrunk its triple-C rated high yield bond issue from €380m to €250m as demand proves hard to come by. But Burger King France has managed to price its offering at the tight end of the range, though with an adjustment to the tranching.

The year's total issuance of triple-C rated bonds in the European high yield market jumped from €4bn to more than €6bn this week. Many believe this could be the last week to bring new deals in 2017.

Development Bank of Kazakhstan on Thursday priced the first ever tenge Eurobond, raising the equivalent of $300m from a three year note.

South African property investment company Growthpoint postponed a euro denominated five year note on Wednesday suggesting that even high quality credits from the country will struggle to do deals as investors turn increasingly negative on it.

The International Finance Corporation has placed its first ever Serbian dinar bond, with the intention of financing a particular project in the region.

The euro high yield pipeline unveiled a battery of deals this week, six of them with ratings below double-B. The largest came from French frozen food retailer Picard Surgelés, which will refinance over €1bn of existing debt and pay a dividend to its private equity sponsors.

Repricings and refinancings have dominated this year’s leveraged loan issuance. This week, Apcoa added one more such deal. But investors proved they can still discriminate, as House of HR had to sweeten the terms of its new refinancing loan.

International investors were eyeing the first Kazakh tenge trade to be cleared by Euroclear on Thursday.

A flurry of activity in the Australian dollar market this week may be at an end after a lower than expected third quarter Australian GDP print.

No deal had appeared from Growthpoint, the Johannesburg listed property company, by lunchtime on Wednesday with two investors telling GlobalCapital that the issuer was struggling to drum up enough demand. The leads later sent out a note to say that the deal had been postponed.

Investor support for leveraged loan deals where the issuer is only seeking to cut margins remains so strong that some borrowers, such as French real estate group Foncia, may do it twice this year.

French insurance broker Financière CEP and UK frozen food producer Nomad Foods have launched refinancing offerings to increase the size of existing debt.