Top stories


  • Starwood launches HY bond to support GE energy project finance deal

    Starwood Property Trust was looking to price a $300m high yield bond on Wednesday to support the acquisition of GE Capital’s energy project finance business, as the firm looks to diversify beyond core commercial real estate activities.

    • 15 Aug 2018
  • Astaldi’s Turkish lira anxieties put HY mart on geopolitics alert

    Italian construction group Astaldi’s bonds have taken a beating on concerns that its exposure to Turkish risk could derail plans for injection of needed capital. For some high yield investors, it also is a reminder of market vulnerabilities ahead.

    • 14 Aug 2018
  • Brexit woes slow sterling HY issuance, but appetite from buyers remains

    Sterling high yield issuers have printed less than half the volume of bonds they sold during the same period last year, which many attribute to the uncertainties surrounding the UK’s exit from the European Union. But appetite for sterling risk appears resilient for now.

    • 13 Aug 2018
  • US levfin volumes jump after strong earnings season

    Both the US high yield and leveraged loan markets absorbed a flurry of deals at the end of last week after second quarter results painted a strong picture for corporate earnings.

    • 13 Aug 2018
  • Sports Direct swoops in for House of Fraser, but tough game ahead

    Sports Direct announced it has bought House of Fraser on Friday, but the retailer had already entered into administration just hours earlier, meaning investors will be unable to trigger what would have been a lucrative change of control covenant in the firm’s bonds.

    • 10 Aug 2018
  • KKR challenges investors over covs on CCCs

    BMC Software was set to print $2bn of triple-C rated bonds this week, as it changes sponsor hands from Bain and Golden Gate to KKR. The new owner was also pushing for some of the loosest covenants in the market.

    • 09 Aug 2018
  • Tesla investors caught up in buy-out maelstrom

    Elon Musk’s sensational claim to have funding in place to take Tesla private stunned the US capital markets this week, but the lack of substantive detail to the plan has largely reversed an initial rally in the firm’s equity and debt instruments, as well as reportedly drawing the attention of the Securities Exchange Commission. Aidan Gregory and David Bell report.

    • 09 Aug 2018
  • Wider spreads here to stay, say leverage finance investors

    Buyers of speculative grade debt in Europe have entered August with renewed confidence and the hope that spreads can hold their recent widening during the second half of the year.

    • 08 Aug 2018
  • Corporate leverage shrinking but mispriced, say HY investors

    Speculative grade debt buyers believe borrowers will keep deleveraging, according to an August credit investor survey by Bank of America Merrill Lynch. But fund managers also think the market is failing to price leverage correctly.

    • 07 Aug 2018
  • KKR heads to high yield for final piece of BMC buyout financing

    The funding for KKR’s acquisition of BMC Software is set to add almost $2bn of high yield bonds in euros and dollars this week, the last portion of a cross-border, multi-billion debt deal that has enlivened the leveraged finance markets.

    • 06 Aug 2018
  • Imerys Toiture opens second lien for demanding lev loan investors

    The financing for the €1bn acquisition of roofing business Imerys Toiture to Lone Star Funds was revised this week to include a subordinated debt tranche, as levfin investors still active in August pocket riskier but higher yielding paper.

    • 02 Aug 2018
  • House of Fraser sticks to CVA after saviour backer quits

    The woes surrounding House of Fraser, the distressed UK department store chain, mounted this week, when C.banner International, a Chinese retailer, withdrew from talks to buy a majority stake. But the business said it will complete its company voluntary arrangement (CVA) and find new investors.

    • 01 Aug 2018
  • July unusually quiet for US corporate borrowers

    Across the credit spectrum, US corporate borrower inactivity made for a July that was exceptionally quiet, compared to typical summer volumes.

    • 01 Aug 2018
  • European leveraged finance markets already hot for August

    Europe’s leveraged finance markets are having a hard time slowing down for the traditional summer break. Investors are willing to keep deploying cash and issuers are responding, with several deals scheduled to be priced in the next two weeks.

    • 01 Aug 2018
  • Lebara debut bonds sink as buyback, results are delayed for late August

    Market pessimism has deepened after Lebara, the troubled UK-based mobile virtual network operator, failed to release financial results again this week. An offer to pay bondholders a temporary extra spread of up to 700bp is not expected to lift its bond price.

    • 31 Jul 2018
  • CLO volume tapers but supply surge looms

    A new deal from Carlyle is the only CLO to have emerged in the primary market so far this week, following just two new deals last week. Spreads have firmed up on the lower supply and better macro backdrop, but with as many as 35-40 deals in pipeline the slowdown might not last long.

    • 31 Jul 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 13,554.26 61 7.13%
2 Deutsche Bank 11,901.17 45 6.26%
3 Credit Agricole CIB 11,825.01 52 6.22%
4 Goldman Sachs 10,865.30 45 5.71%
5 UniCredit 10,484.86 60 5.51%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 3,863.89 45 7.26%
2 Goldman Sachs 3,593.75 29 6.75%
3 JPMorgan 3,391.91 36 6.37%
4 Deutsche Bank 3,241.44 30 6.09%
5 Credit Suisse 3,119.95 31 5.86%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 13,554.26 61 7.13%
2 Deutsche Bank 11,901.17 45 6.26%
3 Credit Agricole CIB 11,825.01 52 6.22%
4 Goldman Sachs 10,865.30 45 5.71%
5 UniCredit 10,484.86 60 5.51%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 3,863.89 45 7.26%
2 Goldman Sachs 3,593.75 29 6.75%
3 JPMorgan 3,391.91 36 6.37%
4 Deutsche Bank 3,241.44 30 6.09%
5 Credit Suisse 3,119.95 31 5.86%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,833.26 127 9.86%
2 Citi 11,539.69 98 7.19%
3 Goldman Sachs 11,025.83 85 6.87%
4 Bank of America Merrill Lynch 10,994.65 101 6.85%
5 Barclays 10,908.60 83 6.79%