Top stories

  • HY's hiatus breaks as Faurecia leads refis back

    Borrowers have broken the 10 day spell without a deal in the European high yield market, and are coming back with refinancing deals. Faurecia, the French car parts manufacturer, opened the new batch with a refinancing deal on Thursday.

    • 22 Feb 2018

  • Cov conversation noisier in high yield market

    Traditional high yield investors have taken advantage of a quiet primary market to raise their complaints about default protection covenants becoming too weak. But its translation into spreads is yet to be seen.

    • 22 Feb 2018
  • Astorg's SGG seeks debt to buy First Names as levloans swell

    SGG Group, the corporate and investor services firm based in Luxembourg and owned by Astorg, will fund its acquisition of UK peer First Names in the leveraged loan market, which has already enjoyed its busiest January ever in EMEA.

    • 20 Feb 2018
  • Milbank hires two levfin lawyers from Shearman & Sterling

    As Europe’s leveraged finance markets return to growth, Milbank, Tweed, Hadley & McCloy has added Apostolos Gkoutzinis and Rebecca Marques as partners to its leveraged finance and capital markets team.

    • 20 Feb 2018
  • Sterling investors happy to be back in the game

    Before this week, sterling corporate bond investors had had just four new issues to consider in 2018, but by Wednesday this had increased by three. Sterling investors have a reputation for not getting carried away with sentiment, but they have been pleased to see the increase in activity.

    • 21 Feb 2018
  • Sprint sells $1.5bn HY bond, clarifies ABS legal confusion

    Wireless carrier Sprint sold a larger than expected $1.5bn eight year high yield bond on Tuesday. The company also clarified that its outstanding spectrum-backed ABS bonds do not conflict with covenants on its existing high yield bonds, before an anticipated new slug of paper from the securitization shelf.

    • 20 Feb 2018
  • Itiviti targets hot lev loan market with second lien

    In stark contrast with a mute high yield bond market, leveraged loan investors were expecting more than €5bn of new deals on Monday, including a $725m-equivalent deal from Swedish trade technology provider Itiviti, which includes a triple-C rated second lien.

    • 19 Feb 2018
  • High yield at crossroads after investor row with trade body

    Investors want the Association for Financial Markets in Europe (Afme) to bulk up their fight against loose high yield bond terms. Afme wants high yield investors to pay a fee for the first time. With borrowers only now tentatively coming back after an unusual risk off pause, this week’s confrontation between Afme and some investor members will add uncertainty to new deal pricing, said market participants.

    • 15 Feb 2018
  • HY investors lead pushback, but momentum evasive

    Investors in Europe’s leveraged finance markets have started to fight for better pricing and deal terms. But a lack of supply is playing in borrowers' favour.

    • 15 Feb 2018
  • ‘Unprecedented’ fund outflows as US high yield suffers

    The US high yield market is hunkering down, with skittish investors pulling a record amount of cash for the sector this week while the proportion of investors shorting high yield exchange traded funds hits a post-crisis high. David Bell reports.

    • 15 Feb 2018
  • Unilever Spreads’ €7bn LBO ready for ‘wobbly markets’

    Bookrunners will start marketing the financing for KKR’s buyout of Unilever’s spread business as soon as next week, with the European high yield bond and the leveraged loan market both braced for supply.

    • 14 Feb 2018
  • 3i aims to replicate Refresco success with Royal Sanders acquisition

    Sources have said 3i plans to follow a buy-and-build approach with the newly acquired Royal Sanders, the Anglo-Dutch personal care product manufacturer. The strategy would mirror its successful expansion of drinks bottling company Refresco, which sparked a bounty of deals in the high yield and leveraged loan markets.

    • 13 Feb 2018
  • CLO supply to improve, but risk retention ruling could dent European demand

    A ruling last week by a US court exempting CLO managers from risk retention rules should boost supply of US CLOs, though demand may suffer, as regulated European investors will no longer be able to buy into US deals, said bankers. Likewise, European CLO spreads may tighten as the supply of compliant paper dwindles.

    • 12 Feb 2018
  • Euro lev loans ignore US volatility with run of leveraged buyouts

    Europe’s speculative grade debt markets began cautiously weighing the impact of a recent surge of US-driven volatility this week. While high yield issuers remain circumspect, leveraged loan borrowers led by French calibration specialist Trescal are charging on, confident that investor demand remains strong.

    • 12 Feb 2018
  • Norway's Hurtigruten sails through €660m loan

    Hurtigruten, the Norwegian cruise operator owned by TDR Capital, has agreed on final pricing on a €660m leveraged loan facility, raising enough debt to repay all its high yield bonds.

    • 08 Feb 2018
  • Entertainment One completes Mark Gordon funding

    UK media company Entertainment One has tapped its outstanding 6.875% bonds due 2022 for £70m ($97.6m), as the company looks to snap up the remaining stake in the television studio Mark Gordon Company that it does not already own.

    • 08 Feb 2018

High Yield priced deals database

DateIssuerMaturityCur.SizeCoupon
19-Jan-18Selecta Group BV 01-Feb-243253-mth Euribor +587.5bp
19-Jan-18Selecta Group BV 01-Feb-247655.785
18-Jan-18Matalan Finance plc 31-Jan-24£1309.5%
16-Jan-18Matalan Finance plc 31-Jan-23£3506.75
17-Jan-18Summit Germany Ltd 31-Jan-253002%


Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 1,659.34 6 7.12%
2 ING 1,631.78 5 7.00%
3 Goldman Sachs 1,565.51 5 6.72%
4 Deutsche Bank 1,532.98 4 6.58%
5 Citi 1,439.08 6 6.17%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 923.77 9 8.85%
2 Morgan Stanley 732.63 4 7.02%
3 Goldman Sachs 657.29 6 6.30%
4 Credit Suisse 577.70 7 5.53%
5 JPMorgan 572.76 6 5.49%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 1,659.34 6 7.12%
2 ING 1,631.78 5 7.00%
3 Goldman Sachs 1,565.51 5 6.72%
4 Deutsche Bank 1,532.98 4 6.58%
5 Citi 1,439.08 6 6.17%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 923.77 9 8.85%
2 Morgan Stanley 732.63 4 7.02%
3 Goldman Sachs 657.29 6 6.30%
4 Credit Suisse 577.70 7 5.53%
5 JPMorgan 572.76 6 5.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,599.75 33 9.01%
2 Citi 4,085.51 32 8.01%
3 Credit Suisse 3,835.38 26 7.52%
4 Wells Fargo Securities 3,248.55 24 6.37%
5 Barclays 2,770.29 16 5.43%