Top stories

  • Levfin market embraces Elfa with hope and caution

    The new European Leveraged Finance Alliance investor group is set to become a fixture of the market, participants say, but guesses about its long term impact are disparate.

    • 18 Jan 2019
  • New Look no Phones 4U, say high yield participants

    The size of a radical debt restructuring proposed this week by New Look, the UK fashion retailer fighting for survival, caught some by surprise. But high yield bankers and investors agreed that this event will not shut the market as the Phones 4U debacle did four years ago.

    • 17 Jan 2019
  • End Brexit paralysis, plead levfin investors

    This week’s parliamentary vote in the UK on a withdrawal agreement for its exit from the European Union has emptied the deal pipeline in the euro leveraged finance markets in early January. But after the plan was rejected on Tuesday, any clarity about the near future looks unlikely, and some debt buyers say borrowers have little reason to wait for longer.

    • 16 Jan 2019

  • PE sponsors eager to bring new wave of loose deal documentation

    Private equity sponsors have bankers and lawyers working on deals that will seek more flexibility and borrower-friendly covenants this year. But investors are also likely to offer tougher scrutiny this year.

    • 15 Jan 2019
  • Bankers forecast dry first quarter for HY, and risk of defaults slowly increasing

    Issuance in Europe’s high yield bond market should take off after March, participants say, predicting a slow but resilient first quarter, even though new distressed credits may emerge in January.

    • 14 Jan 2019
  • Levfin investors band together against borrower domination

    Investors in the leveraged finance market established a new trade body this week, giving them the chance to push back against aggressive covenant terms, and offering an alternative forum to the Association for Financial Markets in Europe, increasingly dominated by the sell side following a mass walk-out by the buy side last year.

    • 10 Jan 2019
  • Cobepa mandates two for Scalian as underwriters start deal hunt

    Belgian private equity firm Cobepa is funding its acquisition of Scalian, the engineering consultancy, with two French investment banks.

    • 10 Jan 2019
  • Anta launches €2.2bn loan with HSBC joining as MLAB

    Anta Sports Products has launched its €2.2bn loan to back the acquisition of Amer Sports Oyj into general syndication, with HSBC joining the bookrunning group.

    • 10 Jan 2019
  • Elfa triggers chain reaction across levfin trade bodies

    Leveraged finance industry bodies are a changin’. The two main trade organisations led by the sell side are set to open talks with a new, more independent investor lobby taking its first steps on Wednesday.

    • 09 Jan 2019
  • KKR to shrink leveraged loan exposure in 2019

    Anticipating further deterioration in US corporate credit, KKR said it will reallocate all of its dedicated leveraged loan capital this year to an opportunistic fund that will span across corporate credit sectors.

    • 09 Jan 2019
  • Fitch joins ESG caravan with relevance scores

    Fitch Ratings has remedied its long lack of a visible response to the rise of environmental, social and governance investing by launching a set of ESG relevance scores.

    • 10 Jan 2019
  • Overheating lev loans may breed HY issuance, says HY sell side

    While leveraged market participants expect loans to maintain their lead over fixed income in volume terms, some underwriters and lawyers believe market fatigue is beginning to make borrowers turn their attention to high yield bonds again.

    • 08 Jan 2019
  • Afme tries to placate HY investors with info concessions

    The Association for Financial Markets in Europe will host a special meeting of its high yield bond division on Wednesday, sources have told GlobalCapital, in an effort to woo back disgruntled investors.

    • 07 Jan 2019
  • Spain’s €37bn corp maturity wall faces political wrecking ball

    Spanish political risk is set to spike in 2019 as the country goes to the polls in local, regional, European and possibly national elections during the next six months. But Spanish companies may be ill prepared to work out more flexible funding plans to cope with this, investors and bankers warned this week. Victor Jimenez and Nigel Owen report.

    • 03 Jan 2019
  • Dia, Abengoa push rescue plans in attempt to calm market fears

    Two troubled Spanish high yield credits, supermarket firm Distribuidora Internacional de Alimentación (Dia) and energy group Abengoa, have started the year with new schemes to reassure investors. More Spanish companies may want to follow suit, sources said, as the country faces a surge in political risk in 2019.

    • 02 Jan 2019
  • Loans primed but levfin needs strong start

    The 2019 loans market is raring to go, but lending officials say that the leveraged loan market needs some strong deals right away to ease the hangover lingering from last year.

    • 02 Jan 2019
  • Sponsors to have a soft spot for software in 2019

    Leveraged finance markets are set for a fresh stream of buyout deals in the software industry next year, with Europe becoming a busier playground for US private equity firms.

    • 19 Dec 2018
  • French banks shine in rough year for leveraged finance

    The global high yield bond market has produced $320bn of new issues in 2018, up to December 21, 43% down on last year’s total of $563bn, according to Dealogic. Sentiment has turned progressively more bearish as the year has worn on, with concerns about US-China trade hostility and overvaluation of US equities biting.

    • 21 Dec 2018
  • More retail funds join leveraged loan exodus

    A wave of mutual fund redemptions is pushing a loan market sell-off deeper as investors look to cash out of a potentially overheated investment, said leveraged loan market sources this week.

    • 20 Dec 2018
  • Don’t expect 2019 to start with a big bang, say high yield funds

    The European high yield bond market is storing December’s pipeline for January, but several investors warned that demand may still be thin in the new year and that borrowers should pace their plans for issuance.

    • 18 Dec 2018

High Yield priced deals database

DateIssuerMaturityCur.SizeCoupon
29-Nov-18Nidda Bondco GmbH 30-Sep-252507.25%
28-Nov-18Algeco Global Finance plc 15-Feb-23856.5%
28-Nov-18Algeco Global Finance plc 15-Feb-23403-mth Euribor +625bp
15-Nov-18Groupe Ecore Holding SAS 15-Nov-23255-mth Euribor +625bp
09-Nov-18International Design Group SpA 15-Nov-254006.5%


Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Swedbank 160.81 1 11.11%
1 Sumitomo Mitsui Financial Group 160.81 1 11.11%
1 SEB 160.81 1 11.11%
1 Nordea 160.81 1 11.11%
1 Natixis 160.81 1 11.11%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 200.50 2 12.59%
1 Deutsche Bank 200.50 2 12.59%
3 UniCredit 113.00 1 7.09%
3 Sumitomo Mitsui Financial Group 113.00 1 7.09%
3 Mediobanca 113.00 1 7.09%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Swedbank 160.81 1 11.11%
1 Sumitomo Mitsui Financial Group 160.81 1 11.11%
1 SEB 160.81 1 11.11%
1 Nordea 160.81 1 11.11%
1 Natixis 160.81 1 11.11%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 200.50 2 12.59%
1 Deutsche Bank 200.50 2 12.59%
3 UniCredit 113.00 1 7.09%
3 Sumitomo Mitsui Financial Group 113.00 1 7.09%
3 Mediobanca 113.00 1 7.09%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 544.58 5 11.06%
2 JPMorgan 482.08 5 9.79%
3 Wells Fargo Securities 374.58 3 7.61%
3 Goldman Sachs 374.58 3 7.61%
5 SunTrust Robinson Humphrey Inc 366.66 4 7.45%