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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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Bakkavor, a producer of fresh and prepared foods, is marketing a £150m high yield bond on Tuesday and Wednesday as part of its £250m refinancing. The seven year senior secured bonds, which will be callable after three years, will come alongside a new senior credit facility and a receivables facility.
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SMCP, the French high end fashion retailer, which was bought by KKR, has announced its premarketed high yield bond. A roadshow for the €290m senior secured seven year bond starts tomorrow.
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Barry Callebaut, the Swiss-based chocolate company, is planning to raise $600m of 10 year bonds, having recently been downgraded to speculative grade. It wants to part-finance its acquisition of Petra Foods’ cocoa business.
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Swedish installation services company Bravida has sold its €375m debut high yield bond to strip its debt of maintenance covenants. The new financing in euros and Swedish kronor was entirely sold in floating rate notes, which are being dubbed ‘covlite loans’ by many leveraged finance participants.
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Equiniti, the UK outsourcing company, which yesterday had to withdraw its £440m high yield bond issue priced on Thursday May 23, has launched an equivalent bond issue today.
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Leads have opened books on Banque PSA Finance’s latest securitisation of French auto loans, setting guidance 5bp wider than the German auto ABS that it priced in May and at an even greater discount to other French auto ABS paper.
