Top stories

  • Recordati HY bond wins over global vol

    Milanese pharmaceutical firm Recordati was out with its CVC buyout funding this week — a €1.3bn bond, in a European high yield market that has mostly ignored Italy’s political fights. But on Thursday, volatility went global and investors started pressing for concessions. Recordati went ahead regardless, and priced on guidance.

    • 12 Oct 2018
  • Retail, media issuers in focus despite low defaults

    S&P Global said that consumer products, media and oil and gas were the most represented sectors on its list of ‘weakest links’ in sub-investment grade corporate debt, which remains relatively small in a low default environment.

    • 11 Oct 2018

  • Coffee group Jacobs Douwe Egberts smells tighter margins

    The leveraged loan markets are so awash with demand that investors appear willing to allow Jacobs Douwe Egberts (JDE) to cut funding costs even as it extends maturities.

    • 11 Oct 2018
  • Euro levfin primary steady amid Italian noise

    Investors in speculative grade debt are joining the discussion about the potential conflict over fiscal policies between Italy and the European Commission. But the leveraged finance markets are still keeping busy.

    • 10 Oct 2018
  • S&P warns on corporate leverage but investors eye growth

    S&P Global said on Tuesday that a post-crisis borrowing binge has put US corporate leverage at an all-time high, leaving firms vulnerable to downgrades and defaults. But a strong US economy and receptive capital markets are soothing investor concerns for now at least.

    • 09 Oct 2018
  • Euro HY shrugs off Italy budget clash, but some fear complacency

    The European high yield market appeared unfazed by the spike in Italian risk despite its heavy exposure, with calm secondary trading and Italian names daring to roadshow for new bonds.

    • 09 Oct 2018
  • Buyout season strong as CVC injects Recordati bond

    Leveraged buyouts are making a comeback in the European high yield market in October, with the new €1.3bn note for CVC’s acquisition of Italian pharmaceutical firm Recordati the latest example.

    • 08 Oct 2018
  • Swings in US high yield flows as rates spike

    The early part of last week saw US high yield bond funds enjoy big inflows, with spreads grinding to post-crisis record tight levels. But a spike in Treasury yields on Friday has helped reverse some of those flows, and polarise investor sentiment on the asset class.

    • 08 Oct 2018
  • Distributed Power leveraged loan deal enjoys cross-border price tightening wave

    Most European leveraged loan deals in October are achieving savings of 25bp and more over price talk, with demand on the rise. The loan offering to fund Advent’s buyout of Distributed Power confirmed this trend, as it tightened margins and issue discounts.

    • 04 Oct 2018
  • Tight US high yield market still has room to run, say investors

    Rising oil prices, strong corporate performance and a supply shortage have driven US high yield bond spreads to their tightest level since the financial crisis. After several cycles of tightening and widening this year, some investors think that this time there is still more room for the rally to run.

    • 03 Oct 2018
  • Jumbo hangover leaves spare cash

    October’s deal pipeline in the European leveraged debt markets is increasingly looking like a mismatch between supply and demand.

    • 03 Oct 2018
  • Carlyle guides $1.8bn leveraged loan for Nep Group in borrower-friendly market

    Nep Group, a US producer of broadcast programmes, gave price talk below 400bp for all first lien loans in the financing for its buyout by Carlyle, a further sign that margins have tightened in the leveraged loan market.

    • 02 Oct 2018
  • HY pipeline thins, bond buyers hungry

    Warner Music and Playtech announced new bond offerings with a combined €730m volume on Monday, less than the latest weekly inflows for high yield retail funds. But Bilfinger pulled its deal.

    • 01 Oct 2018
  • Abengoa at it again: one more refinancing

    Abengoa, the Spanish renewable energy group, is seeking to convince its investors to engage in yet another rescue plan, which includes debt swaps with no cash coupons and new convertible bonds.

    • 01 Oct 2018
  • High yield window still ajar for reverse Yankee bonds

    A stream of low-rated US borrowers in euros could continue to flow this year, said market participants, consolidating these reverse Yankees as the second largest sector for euro high yield bonds.

    • 27 Sep 2018
  • Refinitiv’s risky provision shows up in Envision buyout bond

    A weak term that was built into the bonds backing Blackstone’s leveraged buyout of Refinitiv last week has also been included in a $1.625bn high yield bond being marketed this week for KKR’s buyout of Envision Healthcare.

    • 27 Sep 2018
  • European investors buyers march on stepping on covenants

    Europe’s leveraged finance issuance is fast catching up with last year’s record volumes, as investors open deep pockets. But the reverse side of this exuberance are weaker terms and more vulnerable issuers, said market watchers.

    • 26 Sep 2018
  • Distributed Power lev loan arrives alongside BIS alert

    General Electric’s distributed power unit began marketing a $1.8bn leveraged buyout loan. The deal has high net leverage and tight pricing guidance, two of the possible risks in the market underlined by the Bank for International Settlements (BIS) this week.

    • 25 Sep 2018
  • El Corte bursts Spain corp bond listing dream

    Spain’s largest department store group, El Corte Inglés, picked a busy week to roadshow its first rated issue. But its bonds will be listed in Dublin, despite efforts from the Spanish financial regulator to force a domestic bond listing in Madrid.

    • 24 Sep 2018
  • Demand for aggressive buyout debt routs covenant defence

    Leveraged finance investors in the US and Europe have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel this week, with demand driving pricing tighter despite aggressive covenant packages. David Bell and Victor Jimenez report.

    • 20 Sep 2018

High Yield priced deals database

DateIssuerMaturityCur.SizeCoupon
17-Jul-18Kaefer Isoliertechnik GmbH & Co KG 10-Jan-242505.5%
13-Jul-18Kongsberg Actuation Systems BV 15-Jul-252755%
11-Jul-18OTE plc 18-Jul-224002.375
11-Jul-18K+S AG 18-Jul-246003.25%
11-Jul-18Fabric BC SpA 30-Nov-241253-mth Euribor +412.5bp


Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,684.16 83 7.43%
2 Credit Agricole CIB 13,287.71 61 5.92%
3 Deutsche Bank 12,890.62 50 5.74%
4 Goldman Sachs 12,767.85 54 5.69%
5 UniCredit 11,414.29 66 5.09%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 4,861.86 36 7.48%
2 BNP Paribas 4,648.08 55 7.15%
3 Deutsche Bank 4,100.65 41 6.31%
4 JPMorgan 3,756.57 41 5.78%
5 Credit Suisse 3,528.42 38 5.43%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,684.16 83 7.43%
2 Credit Agricole CIB 13,287.71 61 5.92%
3 Deutsche Bank 12,890.62 50 5.74%
4 Goldman Sachs 12,767.85 54 5.69%
5 UniCredit 11,414.29 66 5.09%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 4,861.86 36 7.48%
2 BNP Paribas 4,648.08 55 7.15%
3 Deutsche Bank 4,100.65 41 6.31%
4 JPMorgan 3,756.57 41 5.78%
5 Credit Suisse 3,528.42 38 5.43%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,016.51 146 10.22%
2 Goldman Sachs 14,082.73 99 7.57%
3 Credit Suisse 13,243.20 94 7.12%
4 Bank of America Merrill Lynch 12,775.52 117 6.87%
5 Citi 12,347.90 105 6.64%