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New Look, the British fashion retailer, sold its £808m-equivalent high yield bond issue as planned on Friday. The three-tranche deal was trading up on Monday.
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Italian gaming company Sisal has released guidance for its €275m debut high yield bond. The senior secured 4.5 year notes have initial price indications in the 7.5% to 7.75% area.
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In the busiest ever week for European high yield issuance in terms of the number of deals being marketed, seven were sold on Thursday, totalling €3.19bn.
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Sisal, the Italian gaming company owned by Apax and Permira, wants to sell a €275m senior secured high yield bond to refinance part of its loans. The debut issuer hopes to price its deal next week.
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European high yield practitioners have had much to shout about in the past year, with stellar returns for investors in 2012 and a remarkably strong market in 2013, which has now lasted for an unusual eight months without any grave shock or disruption, writes Stefanie Linhardt. But this week’s spate of 17 deals being marketed at once — beating the previous record of 12 — astonished even the market’s most ardent supporters.
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Eircom, the Irish telecoms company, hopes to sell €310m of senior secured high yield bonds rated Caa1/B next week, its first issue after €1.7bn of its debt was wiped out in a default and restructuring in June 2012.