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BWICs spike and spreads widen but market remains constructive
Resets and refis prominent in pipeline as loan market softens, offering respite from repricing wave
Dasha Sobornova joins from Akin Gump with experience across asset classes
Trade body for levfin investors turns to leading rating analyst
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Hastings Insurance Group raised £415m through high yield bonds on Monday to finance the takeover of 50% of its business by Goldman Sachs’s Merchant Banking division. Bankers claimed the deal was the first European insurance LBO to be financed in the high yield market.
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The high yield market is red hot for payment-in-kind toggle bonds, as Befesa underlined again this week. The triple-C rated dividend bond for the Spanish waste management and recycling group sent year to date European PIK toggle issuance to 14 deals worth €4.3bn.
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European leveraged finance borrowers are enjoying an issuer's market. With deals in short supply, banks are bending over backwards to win business, and borrowers are taking advantage. Higher leverage, lower fees, better terms – it’s all going their way. -
Unrated North Atlantic Drilling sold a Nkr1.5bn ($252.8m) five year high yield bond on Thursday. The notes are senior unsecured and not callable.
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Broadnet refis — CCM Pharma reprices — WS Atkins attracts new lenders
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Scandlines, the German-Danish ferry operator, has set a narrow original issue discount guidance on an €875m refinancing loan package, reflecting strong support for the deal among investors in Europe.
