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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
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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Gestamp Automoción, a Spanish car parts supplier, plans to issue €750m of high yield bonds in a debut transaction. The notes will be divided between euros and dollars and are expected to have a seven year maturity.
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Wind Telecomunicazioni, the Italian mobile operator, took advantage of a cheap US high yield market to sell a large chunk of its €570m-equivalent of high yield bonds in dollars. The transaction was divided into a $550m fixed rate tranche and a €150m floating rate note.
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RPG Byty, the Czech Republic's largest privately owned residential property company, raised €400m in its first high yield bond on Friday. The senior secured 2020 notes came with a 6.75% coupon, in line with tightened guidance.
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Pendragon, the UK car retailer, has announced investor meetings for a £175m high yield bond issue.
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Brazilian ethanol producer Aralco postponed a debut Eurobond this week after releasing initial thoughts for a seven year non-call four deal. Bankers on and off the deal agreed timing not price was to blame, and are confident the borrower will be able to try again soon.
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Elior, the French catering business owned by Chartherhouse, sold an increased high yield bond inside initial price guidance at 6.5%, despite the deal’s portable structure that means it can survive a takeover of the issuer.