High Yield Bonds

  • Houlihan’s European expansion rolls on

    Houlihan’s European expansion rolls on

    Houlihan Lokey’s European corporate finance land grab has made its fifth acquisition since 2014, writes David Rothnie, at a time when the fluctuations of the credit cycle may be about to lead to more restructurings.

  • People moves in brief

    People moves in brief

    Giancarlo heads to private sector — Barclays structurer goes to buy side — Danske reorganises DCM

  • Kiloutou scores flexibility with loan-to-bond refi

    Kiloutou scores flexibility with loan-to-bond refi

    French equipment leasing firm Kiloutou locked in an opportunistic refinancing of its loans with a new dual tranche €820m high yield bond on Thursday, easing its covenant constraints at the expense of adding call protection. At initial talk, the deal appeared to have little pricing rationale, but the market proved keen to support it, and the company added an extra €40m and priced through guidance.

  • Intu the mire as distressed buyers circle UK property co

    Intu the mire as distressed buyers circle UK property co

    GlobalCapital understands distressed debt buyers are seeking advice on how to target debt issued by intu Properties, especially its 2022 convertible bonds, now trading below 70, as the shopping centre company reels from the wave of restructurings and rent reductions by some of UK’s largest retailers.

  • Commercial banks lead highly levered LGC financing

    Commercial banks lead highly levered LGC financing

    Commercial banks are in the driving seat for the highly levered financing of Cinven and Astorg’s purchase of testing business LGC Group. Regulatory issues are said to have kept some US banks away from the deal, but others question whether a large revolver commitment had more of an impact.

  • Loans' Libor problems rumble on

    Loans' Libor problems rumble on

    The syndicated loan market’s shift from Libor to risk-free rates has come under further scrutiny. Law firm Dentons released a report on Wednesday that highlights significant parts of the changeover that remain unresolved.

  • Music plays on in high yield after Thanksgiving

    Music plays on in high yield after Thanksgiving

    Fixed income investors are eager to close the books on a strong year for returns in high beta credit, and are sitting on their hands, hoping to avoid a repeat of the ugly end to 2018. But still the debut borrowers come.

  • Sisal Pay launches €530m HY bond after teaming up with Intesa

    CVC-backed financial technology firm Sisal Pay is marketing a €530m issue of senior floating-rate notes to finance a merger with Intesa Sanpaolo-owned Banca 5’s payments business. The new venture is aiming to be the next Nexi, another Italian fintech star that listed recently and has had success in the high yield bond market too.

High yield bond news archive