Top stories

  • [DJ checking with VJ] Overweight investors trigger soft spots in levfin

    Ithaca Energy and Imagina joined a recent spate of European leveraged finance issuers failing to price deals or amending documentation this week. Investors have said they are recalibrating their portfolios after bingeing on debt from certain sectors, despite generally strong appetite for speculative grade paper.

    • 11:00 AM
  • Aggressive loan terms drive concerns on recovery rates

    Fiscal stimulus and economic growth should keep the credit cycle going for another two years, but the weakening of investor protections will damage loan recoveries when the market turns, said panellists at an IMN investors’ conference on CLOs and leveraged loans on Wednesday.

    • 23 May 2018

  • Chemours offers euros as foreign appetite up

    Delaware-based chemicals group Chemours added to the surge of reverse Yankee issuers with a new euro deal this week, as sources report growing interest from non-European bond investors in the currency.

    • 22 May 2018
  • Ithaca pulls $350m high yield offering

    North Sea oil and gas operator Ithaca Energy cancelled a planned $350m junk bond on Tuesday, citing "market terms and conditions", after it had earlier tightened covenants on the deal.

    • 22 May 2018
  • TDC unveils €4bn loan amid LBO timing doubts

    Telecoms company TDC fired the opening shot of a multi-billion funding package for its leveraged buyout this week, with some investors showing mixed feelings about such deals.

    • 21 May 2018
  • Permira taps Och-Ziff structurer for European CLO biz

    Permira Debt Managers has hired a CLO structurer from OZ Management (formerly Och-Ziff Capital Management) to structure deals for the firm’s new Providus European CLO platform.

    • 21 May 2018
  • Alvarez & Marsal takes aim at Big Four, hopes for Macron M&A surge

    Alvarez & Marsal has continued its drive into the transaction advisory business with the hire of four managing directors in Paris. The firm believes the moment is opportune because of regulatory change and the 'Macron effect'.

    • 21 May 2018
  • Pangaea HY deal falls victim to Italian coalition worries

    Market sources said rising political uncertainty in the eurozone was to blame for the second deal pulled from the European high yield bond market so far in May, as Greek issuer Pangaea cancelled its high yield roadshow on Thursday.

    • 17 May 2018
  • Bigger returns come with lite covenants in euro lev loan market

    Speculative grade investors are being tempted by higher total returns in the leveraged loan market, but lack of supply and growing demand is favoring a loosening of default protection covenants.

    • 16 May 2018
  • Hermes adds to Europe’s bulging direct lending market

    Hermes has launched a European direct lending fund, as the investment manager looks to carve out part of a market that has recently reached record highs by volume.

    • 16 May 2018
  • HY wakes up as retail pockets open again

    The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.

    • 15 May 2018
  • Vodafone boss hands over reins to "safe pair of hands" as Moody's warns

    Analysts have reacted with surprise but not frustration after Vodafone’s chief executive officer Vittorio Colao announced he was stepping down on Tuesday. New boss Nick Read looks likely to have a tricky task ahead of him to retain the company’s credit rating amid its €18.4bn debt-financed acquisition.

    • 15 May 2018
  • HSBC names head of sponsors coverage

    HSBC has appointed Borja Azpilicueta as global head of its sponsors, sovereign wealth fund and institutional private clients, replacing Alexis Maskell, who left for Citi earlier this year.

    • 15 May 2018
  • Kraton switches to euros for high yield refi

    Texan chemicals group Kraton opened up the European high yield deal pipeline this week with a debut deal that will help refinance a dollar bond. The firm is also topping up a US loan as it looks to cut its borrowing costs.

    • 14 May 2018
  • Updated: HY corporates get in on FRN action as Founder prices

    A rare floating rate note from Peking University Founder Group on Monday stood out in a busy market, raising the question of whether the format can become popular among corporations.

    • 15 May 2018
  • Muzinich’s new fund bucks direct lending slowdown

    Fundraising for private debt in Europe has slowed, but a new pan-European private debt fund from US house Muzinich targeting mid-market businesses, had raised €460m at its third close this week. The final close is expected later this year.

    • 10 May 2018
  • HoF angers Sports Direct for finding new owner over CVA

    House of Fraser, the department store chain, has joined the trail of UK high yield retailers that have turned to company voluntary arrangements (CVAs) to deal with financial difficulties. But this time, the borrower has also found a new owner, a development its 11% shareholder Sports Direct is threatening to block in court.

    • 08 May 2018
  • Valeant to bring looser terms in $5.3bn refinancing

    After releasing first quarter results, Canadian drugmaker Valeant is again looking to refinance old debt with less restrictive facilities, announcing a new $5.3bn refinancing package on Thursday.

    • 10 May 2018

High Yield priced deals database

DateIssuerMaturityCur.SizeCoupon
04-May-18Nexi SpA01-May-238254.125%
04-May-18Nexi SpA 01-May-231375-mth Euribor +362.5bp
04-May-18Odyssey Europe Holdco SARL 15-May-232008
27-Apr-18Tele Columbus AG 02-May-256503.875
26-Apr-18La Financiere Atalian SAS 15-May-25350.125


Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 6,104.35 21 6.44%
2 Credit Agricole CIB 6,017.39 25 6.35%
3 BNP Paribas 5,679.50 22 5.99%
4 UniCredit 5,441.24 29 5.74%
5 Barclays 5,256.27 14 5.54%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,858.53 33 8.03%
2 JPMorgan 2,667.48 29 7.49%
3 Credit Suisse 2,291.44 22 6.44%
4 Goldman Sachs 2,130.55 21 5.98%
5 Deutsche Bank 1,993.88 21 5.60%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 6,104.35 21 6.44%
2 Credit Agricole CIB 6,017.39 25 6.35%
3 BNP Paribas 5,679.50 22 5.99%
4 UniCredit 5,441.24 29 5.74%
5 Barclays 5,256.27 14 5.54%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,858.53 33 8.03%
2 JPMorgan 2,667.48 29 7.49%
3 Credit Suisse 2,291.44 22 6.44%
4 Goldman Sachs 2,130.55 21 5.98%
5 Deutsche Bank 1,993.88 21 5.60%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,523.06 89 9.83%
2 Citi 8,772.90 73 7.49%
3 Barclays 8,022.99 57 6.85%
4 Goldman Sachs 7,786.76 64 6.64%
5 Bank of America Merrill Lynch 7,574.81 71 6.46%