Top stories

  • JP Morgan names new EMEA levfin leaders

    JP Morgan has named a new leadership team for its EMEA leveraged finance operations, following the retirement of Kristian Orssten, a 25 year veteran of the firm.

    • 22 May 2019
  • Debuts still scarce but Novem steps up

    Genuinely new corporate high yield issuers have been vanishingly rare in 2019, but German car interiors maker Novem is bucking the trend with the €375m first time dividend issue it has been marketing this week.

    • 22 May 2019
  • Norske Skog tests turnaround belief with divi mandate

    Norkse Skog, the Norwegian paper manufacturer subject to one of the bloodiest restructurings in European high yield this decade, is ready to test the market again, just over a year after Christopher Gate’s Oceanwood Capital Management took over the troubled company.

    • 21 May 2019
  • Schaeffler holdco refinances in monster €2bn posh PIK toggle

    Schaeffler’s holding company priced on Wednesday a huge four tranche PIK toggle bond, part of a comprehensive refinancing that will cut its debt load by €500m and push out its maturities.

    • 21 May 2019
  • Comment: Markets must prepare again for a No Deal Brexit

    Theresa May’s statement today that she will step down as leader of the Conservative Party on June 7 has increased the likelihood that the UK will leave the European Union without a deal, meaning capital markets need to prepare for the worst again.

    • 24 May 2019

  • Natixis affiliate Ostrum extends CLO operations into US

    Paris-based Ostrum Asset Management is expanding into US markets as its institutional investors look to diversify into US alternative asset strategies, it said on Tuesday.

    • 14 May 2019
  • SEQI increases revolver, eyes equity sale

    UK fund Sequoia Economic Infrastructure Fund (SEQI) has bumped up its revolving credit facility to £200m, with the infrastructure debt financier considering an equity issue as it builds up a war chest for planned investments.

    • 14 May 2019
  • Loans, bonds and the line between them

    Thanks to a lawsuit in the US, the question of whether leveraged loans are securities or not appears to be on the table. The challenge points to a gap in the regulation of modern capital markets that needs filling in.

    • 14 May 2019
  • Indonesian bonds caught in US-China crossfire

    Long-dated dollar bonds issued by Indonesian companies have been taking a beating in the secondary market, with the country's high yield sector also expected to suffer from the negative impact of an ongoing trade war between two of the world's biggest economies.

    • 14 May 2019
  • Verisure prints drive-by tap

    Hellman & Friedman portfolio company Verisure announced a tap of its €300m 2023s on Monday morning, adding an extra €200m to the issue to pay back its revolver.

    • 13 May 2019
  • ‘Fleabag’ production company preps refi

    All3Media, a subsidiary of Liberty Global and Discovery, which makes TV shows including ‘Fleabag’, ‘Call the Midwife’ and ‘Peep Show’, is in the market with a term loan B to refinance debt.

    • 13 May 2019
  • Kames hires head of high yield

    Kames Capital has appointed Thomas Hanson as head of high yield fixed income and Eleanor Price as a high yield analyst.

    • 13 May 2019
  • Barings BDC announces $550m lending partnership with US pension fund

    Barings BDC announced on Thursday that it is forming a joint venture with the State of South Carolina Retirement System (SCRS) that will invest in private debt, syndicated senior secured loans, structured products and real estate debt.

    • 10 May 2019
  • High times in high yield

    A hail of high yield and leveraged loan deals hit the European market this week, making it seem like investors and bankers were unaware of the angst permeating equity markets since President Donald Trump decided to up the ante in his trade poker game with China. Not every deal was a blowout, however — United Group priced its PIK note wide of guidance and Virgin Media failed to tighten.

    • 10 May 2019
  • Chinese HY duo snaps up taps despite volatile market

    Shandong-based coal miner Yankuang Group Co was able to price a $500m tap almost 30bp inside where the existing notes were trading on Thursday, while E-House (China) Enterprise Holdings, a real estate services firm, also added $100m to an outstanding bond.

    • 10 May 2019
  • CLO market persists through macro headwinds

    Reluctance from smaller Japanese buyers and the end of a rally in loan prices are likely to dampen CLO volumes through the remainder of 2019, market sources say, although the market thus far shows no signs of abating.

    • 09 May 2019
  • People moves in brief — May 9, 2019

    Schlesinger leaves Santander – New responsibilities for Ross – Soc Gen shuffles markets top brass

    • 09 May 2019
  • Fallen angel K+S refis loan early for €960m as it foresees halving debt

    K+S, the potash and salt producer, has refinanced its revolving credit facility a year early, to lock in favourable borrowing terms at it seeks to move back to positive free cashflow for the first time for more than five years.

    • 09 May 2019
  • MGM China turns to bond for attractive funding

    Casino operator MGM China Holdings priced a larger-than-expected $1.5bn 144A/Reg S deal this week, and both tranches rallied in the secondary market despite a broader risk-off sentiment.

    • 09 May 2019
  • French bid to widen EU green Taxonomy received well

    The attempt by France to broaden the European Union’s proposed Taxonomy of Sustainable Economic Activities away from the “green niche” has made a good start. Financial officials from all the EU governments discussed the idea on Tuesday, with many member states being “very supportive”, according to sources close to the situation.

    • 09 May 2019
  • Co-op bond works well as high yield, green angle incidental

    The Co-operative Group, the UK food retailer and provider of funeral, legal and insurance services, launched its first sustainable bond on Wednesday and achieved impressive demand. But that had little to do with its ethical characteristics.

    • 08 May 2019
  • High yield issuers not bothered by chill in the air

    Softness in risk asset markets has not choked off the flow of new high yield issues in Europe, though there are no investment grade new issues on Wednesday, a French holiday. Virgin Media is holding investor calls today for a new $825m and £300m senior secured issue, rated Ba3/BB-/BB+.

    • 08 May 2019
  • CAR drives away with $200m of new money amid market jitters

    Chinese car rental company CAR has wrapped up a liability management exercise, pushing its maturity curve out to 2022 despite fears in the credit market about the US-China trade war.

    • 08 May 2019
  • Zhongding cuts price for €200m refi

    China’s industrial and automotive parts manufacturer Zhongding Group has cut the price for its €200m loan refinancing.

    • 08 May 2019
  • US CLO rally imminent, Wall Street analysts predict

    After the biggest month for new issue CLO supply since the market was created in the 1990s, Wall Street researchers have predicted that new issue spreads will grind tighter in the near-term, as secondaries come in and CLO formation is challenged by low loan supply.

    • 07 May 2019
  • Co-op’s triply rare green bond for Fairtrade goods

    The Co-operative Group, the UK food retailer, undertaker, insurer and legal services provider, has announced a £250m sustainable bond issue which will be unusual in three ways. Green and sustainable bonds are rare in the UK and rare in the high yield market, while the use of proceeds Co-op is planning is close to unique.

    • 07 May 2019

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 Deutsche Bank 3,736.52 21 7.15%
2 Credit Agricole CIB 3,101.01 16 5.93%
3 Goldman Sachs 3,092.70 16 5.92%
4 BNP Paribas 2,926.68 24 5.60%
5 Citi 2,758.74 10 5.28%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,849.41 16 9.19%
2 Citi 2,449.34 16 7.90%
3 JPMorgan 2,260.62 16 7.29%
4 BNP Paribas 2,167.79 20 6.99%
5 Goldman Sachs 1,890.62 15 6.10%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 3,736.52 21 7.15%
2 Credit Agricole CIB 3,101.01 16 5.93%
3 Goldman Sachs 3,092.70 16 5.92%
4 BNP Paribas 2,926.68 24 5.60%
5 Citi 2,758.74 10 5.28%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,849.41 16 9.19%
2 Citi 2,449.34 16 7.90%
3 JPMorgan 2,260.62 16 7.29%
4 BNP Paribas 2,167.79 20 6.99%
5 Goldman Sachs 1,890.62 15 6.10%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,495.10 96 10.02%
2 Citi 11,803.94 91 9.47%
3 Bank of America Merrill Lynch 8,842.75 73 7.09%
4 Goldman Sachs 8,683.82 62 6.96%
5 Morgan Stanley 7,624.77 56 6.11%