Top stories


  • Corporate bond investors see more of the same in IG and HY for 2018

    Investors’ attentions have turned to 2018 in the absence of any new IG corporate bonds this week. And, despite tight spreads and low yields, they expect similar conditions to prevail, albeit providing lower returns given the lower starting point than 2017.

    • 01:15 PM
  • Milan’s Inter Media may score last HY debut of the year

    Inter Media and Communication, the operator of FC Milan’s broadcast and sponsorship business, was out with its first high yield bond offering on Monday. Debutants have increased their presence in the market since June.

    • 11 Dec 2017
  • M&G hires asset-based lending head from RBS

    M&G Investments has hired Oliver Wilson as head of asset-based lending in its six-person direct lending team, headed by James Pearce.

    • 11 Dec 2017
  • BMC Software shrinks triple-C bond; Burger King France prices at tight end

    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.

    • 08 Dec 2017
  • ‘Santa rally’ as true high yield funds buy after tourists flee

    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.

    • 07 Dec 2017
  • Perstorp prints high yield subs with rare 10% coupon

    Euro high yield bond buyers caught sight of a rare two digit coupon this week. Perstorp, the Swedish speciality chemicals group, priced its subordinated note with a 10% coupon.

    • 07 Dec 2017
  • MUFG hires ex-UniCredit banker for lev loan syndicate

    Mitsubishi UFJ Financial Group has appointed Alice Gastaldi to its leveraged finance division, the bank said on Thursday. She had been working at UniCredit for almost eight years.

    • 07 Dec 2017
  • Apcoa to reprice €350m loan refinancing, but Belgian House of HR flexes margin

    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.

    • 07 Dec 2017
  • Rare PIK toggle emerges, but volumes still low as second lien grows

    McGraw-Hill Education launched a new payment-in-kind (PIK) toggle high yield bond on Wednesday, as part of a bigger refinancing package. Once an indicator of peaking credit conditions, PIK toggle deals have become increasingly rare as borrowers head to cheaper and more flexible second lien loans.

    • 06 Dec 2017
  • Investors calling the beginning of the end in IG but not in HY

    Twelve deals last week led many in the corporate bond market to believe this week would be the final busy week of the year. However, the roadshow schedule is now bare and investors believe they are starting to see the end of 2017.

    • 06 Dec 2017
  • Foncia repricing, A&O Hotels dividend

    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.

    • 05 Dec 2017
  • Picard out with big refi as lower rated issuers dominate HY

    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.

    • 07 Dec 2017
  • Two lev loan issuers bring new paper

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

    • 04 Dec 2017
  • DRT in potential levfin M&A deal pipeline

    Private equity firm Ardian is ready to tap Europe’s leveraged finance markets to fund the acquisition of a controlling stake in Dérivés Résiniques et Terpéniques (DRT), the French plant chemistry specialist, but there are mixed views on the outlook for further M&A-fuelled leveraged finance activity.

    • 30 Nov 2017

High Yield priced deals database

DateIssuerMaturityCur.SizeCoupon
14-Nov-17Matterhorn Telecom Holding SA 15-Nov-274004%
10-Nov-17Naviera Armas SA 15-Nov-243003-mth Euribor +425bp
09-Nov-17Haya Finance 2017 SA 15-Nov-222253-mth Euribor +512.5bp
08-Nov-17Cooperativa Muratori & Cementisi CMC di Ravenna 15-Feb-233256%
06-Nov-17CMA CGN15-Nov-252505.25%


Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 26,333.75 82 8.65%
2 BNP Paribas 19,846.21 120 6.52%
3 Goldman Sachs 15,943.70 64 5.24%
4 HSBC 14,724.27 93 4.83%
5 Deutsche Bank 14,654.63 85 4.81%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,469.76 69 4.02%
2 Goldman Sachs 7,816.84 63 3.71%
3 Credit Suisse 6,908.88 70 3.28%
4 Deutsche Bank 6,384.59 62 3.03%
5 BNP Paribas 5,941.97 66 2.82%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 26,333.75 82 8.65%
2 BNP Paribas 19,846.21 120 6.52%
3 Goldman Sachs 15,943.70 64 5.24%
4 HSBC 14,724.27 93 4.83%
5 Deutsche Bank 14,654.63 85 4.81%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,469.76 69 4.02%
2 Goldman Sachs 7,816.84 63 3.71%
3 Credit Suisse 6,908.88 70 3.28%
4 Deutsche Bank 6,384.59 62 3.03%
5 BNP Paribas 5,941.97 66 2.82%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 37,132.38 289 10.79%
2 Citi 28,905.88 231 8.40%
3 Bank of America Merrill Lynch 28,820.93 250 8.37%
4 Goldman Sachs 24,953.24 183 7.25%
5 Barclays 23,023.01 153 6.69%