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Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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Vranken-Pommery Monopole, the French champagne house, sold its first bond on Monday, turning to the Belgian retail market, which has a track record of enthusiasm for modestly sized, unrated bonds from companies with well-known brands. France lacks an equivalent retail bond market. But a banker at lead manager KBC Bank said the family that owned the company also had Belgian origins, and that KBC was one of the company’s house banks.
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Bakkavor, a producer of fresh and prepared foods, has widened guidance on its £150m high yield bond by 75bp to 8.75%-9% and plans to price it today. Credit markets were again weaker on Thursday, which made some investors think the bond should come on Friday.
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InterGen, the US-headquartered power generator, has increased its high yield bond issue by $200m to $1bn-equivalent. It now wants to sell $600m of bonds in the 7% area and £260m in the 7.25% area.
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European high yield issuers rarely venture into the private placement market, unlike their US cousins. But 1st Credit, a buyer of UK defaulted consumer debt, did just that for its debut bond — a £100m secured seven year non-call three.
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Equiniti wrapped up the second stab at its high yield debut on Tuesday night, getting the £440m deal away successfully but with the order book looking a little different to its first, highly oversubscribed attempt on May 23. -
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.
